North Platte’s Community Redevelopment Authority gave final approval to a revised redevelopment contract with the owners of District 177 on March 6, clearing the way for more work on the impressive shopping and residential area.

The contract allows the owners, Rev Development, to collect an additional $3.3 million in sales taxes on merchandise purchased in the district. The added sales tax rate will continue to be 1.95%. The collection period is 20 years.

The $3.3 million in improvements will be paid in multiple advances when Rev Development presents proof of payment of additional expenditures.

The additional improvements will be the rehabilitation of the parking lot on the east side of the mall and utilities, including storm drainage. That is expected to cost nearly $2 million and be complete by Dec. 1.

Also, the funds can be spent to demolish old infrastructure, followed by rehab and new energy systems, enhance the exterior façade, and create a public activity space.

All improvements must be completed by the end of the year 2030, the contract says. The total costs of the improvements could amount to $4.2 million, of which $3.3 million will be reimbursed through the EEA tax and bond.

The CRA voted unanimously to finalize the contract. Previously, the city council approved the revision on Feb. 4 after an hour-long closed-door session.

The redevelopment will generate at least 10 new jobs and accomplish a coordinated, adjusted, and harmonious development that will promote health, safety, morals, order, convenience, prosperity, and the general welfare of the city, the contract says.

New apartments

Also, the CRA unanimously approved the assignment of a tax increment finance bond to NP Rentals, LLC with Exchange Bank for new apartments on W. 18th St.

NP Rentals is building six apartment buildings there, each with seven units.

(Editor George Lauby contributed to this report.)

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