A plan to construct housing for students attending Lewis and Clark Community College in Godfrey continues to move along, but now the company in charge of construction wants the village to create a new TIF District. Contegra owns the land and Collegiate Housing Partners is building the housing at the end of Mulberry Street, which is across Godfrey Road from the fire station.
The Godfrey Village Board considered the idea at last night's meeting. Contegra's Brad Barnard says they have run into some extraordinary costs they had not planned for.
The land currently generates about $2000 in tax revenue, of which the village sees $45. If this project is built, it is estimated the village would see about $17,000 annually over the course of the TIF. The Village Board approved a motion to proceed with a plan to create a new TIF.