The Chadron Planning Commission tonight at 5:00 will consider a proposed $11-million dollar, 4-story, 78-unit apartment building project on 2.3-acres with access off Maple Street near 6th Street.
The Heartland Flats Apartments project is nearly identical to one proposed last September across 10th Street from Wilson Park that was rejected over neighborhood objections and concerns about the hydrology of the site.
The principals behind Park Street Apartments, the developer of Heatland Flats, were not listed in the documents submitted to the city, but one of them is Mike Works – the primary spokesman for the earlier project.
The Heartland Flats complex would total 77,000-square feet on 2.3-acres already with a blighted designation. It would include a 20,000-square foot L-shaped apartment building, a 2,400-square foot garage, and paved parking for about 90 vehicles.
Total cost of the project is $10.9-million dollars, $8.6-million for construction of the building. Park Street Apartments will request nearly $1.9-million dollars in TIF, Tax-Increment Financing, for utilities, which are nearby but would have to be extended.
The land has a current valuation of $165,000 while the assessed value of the completed project would be over $10-million, resulting in a property tax increase of over $200,000 a year.
The growth in property taxes would be used to pay off the TIF bonds, then would go to the local taxing entities.