Tuesday, April 3, 1984
Daily Nebraskan
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The City Bank building, 14th and M streets, is one of seven downtown areas which may
vCa.CCD study. Gold's Galleria, 12th and O streets, (left) declared blighted two year
renovated.
be declared blighted in a
years ago, currently is being
Craig AndresenD&lly Nebraskan
High-rise proposed
Tax-free bonds to renovate
areas study declares blighted
By Pern Alward
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A $5.5 million high-rise apartment
building is proposed for one of the
downtown Lincoln areas Mayor Rol
and Luedtke hopes will be declared
blighted in a $30,000 study.
Blighted areas can be renovated
through a tax-exempt bond from the
Nebraska Investment Finance Author
ity. With NIFA, the increased property
taxes from the new development go
toward the bonds instead of the city.
Jay McMasters of McMasters Enter
prises said he hopes to use this financ
ing to build an apartment building at
13th and H streets, where the com
pany already owns land. The eight
story building would contain 126 apart
ments, rented at about $300 to $350 a
month, and two floors of commercial
space, he said.
Six other downtown areas are includ
ed in the study, Urban Development
Director George Chick said. Including
all seven areas in one study saves the
city money and time, he said.
Five or. six other developers are
interested in the areas proposed for
the study because of the NIFA financ
ing, Chick said.
The Anderson Building at 12th and
O streets, City Bank and Trust Com
pany at 14th and M streets and Jason's
at 14th and P streets are all included in
the proposed study, which will be done
by private consulting firms, she said.
Eleven criteria from the community
development statute are used to deter
mine blighted areas, Chick said, includ
ing the condition of primary and second
ary structures on the site, tax delin
quencies, public improvements and
fire hazards. The study will probably
be completed by July, he said.
Four downtown areas were declar
ed blighted by similar studies costing
$70,000 in the last two years and major
projects there are now in progress.
These are the Haymarket area, the
Gold's Galleria block, the Cornhusker
Square block and the Old Hotel district
spanning three blocks near 10th and P
streets.
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Bring your bike out of storage now and tune it up for
only $15.95.' Be ready for the warmer weather ahead!
S7Ci Cz Vtio
Announcement
The Bob Devaney Sports Center court will be open
1 1 a.m. to 1 p.m. beginning April 3 for women inter
ested in competing for the women's intercollegiate
basketbalHeam.
Nebraska assistant Coach Mavis Washington said
the informal workouts will take the place of fall
tryouts.
in the April 5 and 6
Daily Nebraskan
UNL Division of Continuing Studies
Pick up the Daily Nebraskan Thursday or
Friday or call at 472-1392
for more information -
' Time to Save!
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