Advisory Council to consider housing development funds

New requests from the Albion Economic Development Corp. for housing development funds will be considered by the city’s Community Advisory Committee (CAC) at a meeting next Tuesday, Feb. 7, at 5 p.m. in city hall.
AEDC has submitted a three-part request. The development corporation is in the process of purchasing land in the Andersen Second Subdivision for development of eight lots. This property is located south of Albion Aquatic Center and west of South Eighth Street. It would include an east-west street connecting with Eighth Street and the Boone County Fairgrounds.
AEDC is also developing an application for a Nebraska Rural Workforce Housing Fund matching grant that will be due in March.
AEDC is requesting release of $13,000 in sales tax funds to service interest on its real estate loan while working with the city to develop and sell and/or build on the lots.
AEDC is also requesting release of $25,000 from its housing initiative fund and $25,000 in sales tax funds to go toward matching funds for the Rural Workforce Housing Fund grant. Total goal for the matching funds is $500,000.
A third part of the AEDC request is $22,000 in sales tax funds for annual expenses, to include its $10,000 annual commitment to Boone Beginnings and $3,000 toward operating expenses of the housing and economic development office.
The CAC makes recommendations to the city council on requests for release of economic development sales tax funds. Final decisions are made by the council.