GRAND ISLAND, Neb. (KSNB) - A new housing project proposal in Grand Island may not be happening after a City Council vote on Tuesday night. Developers needed two yeses from the City Council before they could move forward with construction.
The first was to rezone the proposed land from manufacturing to residential. They also needed the council to vote yes on their request for Tax Increment Financing.
In a 6 to 1 vote, the lot was rezone to residential. But they fell two votes short for the TIF.
Developers were looking at $1.16 million to develop the land. That comes out to roughly $55 thousand per home they had planned to build.
Council Member Clay Shutz was one of those who voted no. He told Local4 News that his biggest concerns were the cost to build being too high.
Grand Island Planning Director, Chad Nabbity, disagreed saying that while that price may seem steep it's actually right about the average cost to develop in GI.
"New lots are running anywhere from $50-55,000 to develop," he said. "That's really what the costs are coming in and that's what these are. That means obviously the houses they put on them will go up."
The houses proposed were looking to be sold at just over $200 thousand. That was another concern Schutz had. He believed people in that part of Grand Island would not be paying that much for a home.
Without that TIF, it is not expected for the developers to be able to move forward with the project.