CHEYENNE, Wyo. — A Sioux Falls, South Dakota, developer is seeking Tax Increment Financing approval for two projects that will bring nearly 300 new apartments to Cheyenne.
The Cheyenne City Council approved sending both TIF agreements to the city’s Public Services Committee as part of its consent agenda during its regular meeting Monday.
TIF is a way to fund public improvements, such as new infrastructure, in a specific area by borrowing against the future increase in property tax revenue that is expected to result from those improvements. This method often helps revitalize distressed or underdeveloped areas where development might not otherwise happen, according to the U.S. Department of Transportation.
Stencil Group, which is building a six-story, 104-unit apartment complex in Casper, sought both agreements. It intends to build a five-story, 101-unit multifamily structure with ground-level parking at the southwest corner of 19th Street and O’Neil Avenue. The second project is a two-phase, 194-unit multifamily development northwest of Whitney Road and its intersection with U.S. Highway 30.
The city approved the Andiamo Subdivision plat for the 19th Street development Sept. 23, creating a 1.05-acre lot for it.
Stencil Group says that both Cheyenne complexes will contain studio, one-bedroom and two-bedroom units, along with a gym, a large landscaped plaza, a dog park and a fully furnished community room with attached rooftop patio.
Stencil Group expects to spend nearly $24.13 million on construction of the 101-unit complex, according to city documents. Of that total, the developer says there are more than $2.57 million in eligible costs for TIF. That includes $1.7 million for land. Other eligible costs include relocating utilities, restoring and improving historic structures and improving sidewalks, gutters and curbs, according to city documents.
The two-phase, 194-unit project will sit at 6102 U.S. Highway 30. The projected construction cost of that complex is more than $40.67 million. Of that, Stencil Group says $6.78 million is eligible for TIF, but the company is requesting $4.78 million.
Stencil Group is aiming for market rate rent, stating the target “will be affordable for the workforce of the City and provide tremendous value, allowing the people of Cheyenne to experience comfortable living with premium amenities at a reasonable price.”
Both agreements are attached below:
