Hastings, Nebraska, Brian Neben, Central Nebraska Today
HASTINGS — The Hastings city council voted 7-1 to approve tax increment financing for a project aimed at developing the former Hastings Middle School as an apartment building.
The plan, proposed by Queen City Development, aims to convert the former middle school building into an apartment building with 68 units.
Queen City Development was requesting tax increment financing (TIF) to pay for eligible expenses for the development, which can include site acquisition, planning related and engineering services, structure rehabilitation costs and capitalized interest on TIF borrowing.
The TIF request was for $1.8 million for the $15.2 million project.
“The old middle school has been vacant since 2016, and the redevelopment of this structure will revitalize the existing structure, as well as, providing 68 units of market-rate and affordable housing,” per the City of Hastings staff.
Mayor Jay Beckby said he had been critical of TIF use in the past, but he is supportive of this project.
After the motion to approve the TIF request, the council voted 7-1 in favor, council member Michael Anderson had the sole dissenting vote.
