Mora City Council approves TIF assistance for 35-unit apartment project

The Mora City Council approved Tax Increment Financing assistance for an apartment complex project at Tuesday's meeting.

The Village Apartments, LLC, proposed to construct a three-story, 35-unit apartment building at 2055 Dala Lane. The total cost of development is estimated at $6 million.

The proposed apartment would include 20 one-bedroom units, nine two-bedroom units, and six efficiency units.

Proposed rents for the property range from $850 to $1,300 a month.

The TIF plan and development agreement provide a maximum of $677,000 to the developer over 12 years.

The plan also requires the apartment owner to rent out at least seven units to tenants whose income does not exceed 50% of the median Kanabec County income.

According to the development agreement, construction is expected to begin by Sept. 30, with substantial project completion by Dec. 31, 2026, barring unavoidable delays.

A comprehensive housing market analysis completed in April highlighted that Mora has a total vacancy rate of 0.5% among all market rate, affordable, and subsidized rental properties.

The study recommended encouraging "modestly sized" 32-36 unit apartment buildings and 10-12 unit rental townhome projects to address that demand.

Rendering from Mora City Council packet