A new residential and commercial space will be receiving tax increment financing from the City of Riverside.

The Riverside City Council approved an agreement at their recent meeting to give TIF incentives to A & S Holdings, LLC. not to exceed $475,000 over 10 years. The council amended their urban renewal area plan to allow TIF funding for the property. A & S plans to build a 26-unit apartment complex with 2,800 square feet of commercial space at 1096 Walnut Avenue, off of Highway 22.

Brad Akers and Dan Sweeting of A & S Holdings initially proposed the complex to the council in February. Mayor Allen Schneider explains why it took several months to get the TIF approved, “Well, I think the main reason for the delay is we took a couple steps out of order. I think we skipped a planning and zoning meeting that needed to happen a little bit earlier in the process than it did, so we kind of had to go back to square one. But typically, I think, that is according to our attorneys at least, a three meeting process, so usually a month-and-a-half to two months to get it done. It probably took us closer to three, if I remember right.”

Schneider says the council is ready for a review of the final site details before construction begins on the apartment complex.