The Riverside City Council took action on tax increment financing for a new housing development.

Brad Akers and Dan Sweeting of A & S Holdings, LLC proposed to the council in March that they receive 100% TIF payments for 10 years for a 26-unit apartment complex with 2,800 square feet of commercial space to be located at 1096 Walnut Avenue off of Highway 22. At the recent city council meeting they approved a resolution to amend the urban renewal area plan to include the housing development. They also approved an ordinance providing for the division of taxes levied on the property located in the tax increment district. The council set a public hearing on June 4th to propose the agreement to give property tax incentives not to exceed $475,000 over 10 years. The residential space is assessed at $2.7 million and the commercial space at $300,000.