Developer seeks $3.9 million in TIF to reduce rents in planned Lowertown apartments

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ROCHESTER — The Rochester developer of a planned 133-unit Lowertown apartment complex is seeking $3.9 million in tax-increment financing support to keep rents of half the units below market rates. ADVERTISEMENTSvenby said staff is recommending the city support for a Stack Development project planned for the west side of First Avenue Northeast, between Eighth and Ninth streets. “The homes were not reparable and were blighted,” said Dirk Erickson of Stack Development. Svenby’s report estimates the planned construction of a five-story apartment building at roughly $40.2 million and states city support can help bridge a financing gap in an effort to reduce potential monthly rents for half the apartments. • Planning and Zoning Commission, 5 p.m. Wednesday in room 163 of the Rochester Police Department North Station, Development Services and Infrastructure Center.