Tuesday, the Jasper Redevelopment Commission passed a resolution finalizing the expenditure agreement for the University Heights project.
The resolution allows for 90 percent of the tax increment in the newly formed tax increment finance district to support the project costs for some engineering and land preparation and infrastructure improvements for the project. The agreed-upon amount covers up to nearly $648,000 using TIF funds.
The 80-unit apartment complex will be built with direct access to the university campus. It will feature mainly studio apartments as well as some two-bedroom, one-bathroom units and includes plans for a shelter house and basketball court. The units will be available for university students and the public.
The developer, Ruger Kerstiens, originally estimated the cost for the project to be more than $5.5 million. He expects to begin construction in 2022.