Council takes next step for senior apartments

The New Prague City Council unanimously approved a motion to take the next step and get more information on a proposed Tax Increment Finance (TIF) district for a senior apartment complex. The council took the action at a special meeting on Monday, Feb. 13.

The meeting included a presentation by Mikaela Huot of Springsted Inc., on the proposed TIF and Mark Appelbaum of Makado Group LLC, which is proposing the complex. The senior apartments are to be located on 3.83 acres of land south of State Bank of New Prague along 10th Avenue SE. Appelbaum explained that the development would contain approximately 49 independent living units, 28 assisted living units and 12 memory care units. There would also be one guest suite.

The project is estimated at a cost of $19 million and Makado Group LLC is seeking TIF assistance of approximately $4.4 million.

Huot explained that a TIF is a method of capturing tax base growth resulting from a new development. It captures new local taxes (increment) to pay for public improvements related to development. There is a fixed term and then the development is added to the tax base. For this project the fixed term would likely be about 25 years.

Mayor Chuck Nickolay asked if.....

To see more on this story pick up the February 16, 2017 print edition of The New Prague Times. 

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