105-unit apartment complex proposed [UPDATED]Published 11:20am Wednesday, June 12, 2013 Updated 11:23am Wednesday, June 12, 2013
A company from Baxter wants to build three apartment buildings, totaling 105 units, on land behind the Fergus Falls Target.
Kuepers Architects and Builders approached the city about immediately building a 35-unit apartment building with garages on land just east of Western Avenue and south of Pioneer Road. The company eventually wants to build two more 35-unit buildings with garages over the next few years. It will probably be a 12-year plan, according to Gordon Hydukovich, city community development director.
Kuepers entered into an agreement to purchase a piece of land from Merwin Adams, subject to obtaining financing, zoning, plat and design approval, according to a memo from Hydukovich.
Because of escalating costs related to the area available to build, topography, storm water handling and neighboring easements, Kuepers wants to use tax increment financing to make the project happen.
Eighty percent of the housing for a tax increment district would be market rate and 20 percent would be assisted.
The Public Works and Safety Committee Wednesday morning approved a recommendation to hire the consultant Advance Resources for Development to prepare a tax increment plan for the project. The developer would pay the $7,500 plan and $1,500 administrative fee would be paid.
The plan should be completed in eight weeks.