Manhattan City Commissioners provided feedback Tuesday to city staff on potentially using industrial revenue bonds (IRB’s) to fund future rental housing development projects.
City staff are refining a draft policy that would give the city some clarity on certain projects targeting specific projects and areas of town for infill and rural housing incentive districts. Commissioners discussed possible criteria for the housing, including location, type and number of units.
Commissioner John Matta says location is key.
Commissioner Karen McCulloh says understanding limitations on number of units needs to be prioritized.
Commissioner Peter Oppelt says construction time is another important criteria to consider.
Mayor Wynn Butler agrees…
The city currently has a policy for using IRB’s which states it may only apply to low-income housing projects. The city’s existing tax abatement policy also has specific requirements for the property tax abatement that would not continue to apply to these projects.
Commissioners will receive a finalized plan at a future meeting.
