Taxpayer funding could help finance the proposed the 17th Street Tower.
Developer NR Investments is asking the Omni Community Redevelopment Agency for the assistance. The CRA also provided taxpayer funding for NR’s Canvas condo tower next door, which was completed this year.
Two separate grants are being requested:
A $6.5 million upfront cash grant, to be issued when a building permit is obtained
A 95% rebate of taxes paid to the CRA, amounting up to around $8.5 million over the future life of the agency
In exchange for the taxpayer funding, NR will agree to restrict rents for as long as the CRA remains active (either 2030 with some units restricted until 2038, or 2047).
Affordable units will see studio units have a pricing cap of $2,100 through the end of the term, while 1 bedroom units will cap out at just over $2,200. A total of 252 units are being proposed, all studio and 1 bedrooms and all with the affordable capped pricing.
The Omni CRA is scheduled to vote on the deal at a meeting October 30.