ROCHESTER, Minn.-Proposed micro apartments will be at 324 1st Ave. Southwest... just down the street from a lot of Rochester's night life.
There will be 50 units and their square footage will range from 440 to 880. While rent will run around $1,000 per month.
City Council member Mark Bilderback says while the apartments won't exactly be considered affordable, when you look at where they'll be located the price is fair.
"We’re getting a lot of new things built but you're not getting a lot of housing that's on the affordable side they're usually a little bit higher up because they're downtown, so when you're looking at a $1,000 apartment or maybe a little bit less in downtown with all of the amenities of downtown then that’s a pretty good deal."
When it comes to these units getting in the way of more affordable housing moving in to Rochester, Bilderback says the community doesn't need to worry yet. that's because the developers haven't requested tax increment funding, or TIF. Which is a method of financing public and qualifying improvements from the increased property taxes generated from new development that would not occur 'but for' the assistance provided.
The developers will be going to the planning and zoning board on Wednesday and then on to city council where we'll learn if they plan on seeking TIF.
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