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Funding request denied for housing project

A request for Tax Increment Financing assistance to help pay for the development of a housing project fell flat Friday.

Members of the Tax Increment Financing Zone #1 board heard a request from Jearold Kelly for $470,000 to develop 56 lots.

Board member Todd Paxton made a motion to fund $400,000 toward the request, but it died for lack of a motion.

Kelly was seeking funds for a mobile home subdivision that would be built between Sherman and Cedar avenues, and just north of Walnut Street.

Development costs were estimated at $676,369.

Those funds would go for utility lines and paving what would be called Mesquite Street.

City staffer Erik Rejino explained to the board that the project would yield an estimated $221,145 in property taxes through the year 2030. Kelly proposes selling the lots and seeing that an average of eight manufactured homes would be installed for seven years.

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