The city of Des Moines' Urban Design Review Board has recommended 10 years of tax increment financing (TIF) for the third and final phase of the Ingersoll Square development at Ingersoll Avenue and Martin Luther King Jr. Parkway. This is the first use of TIF in what will be a $32 million residential and commercial development when the final phase is completed. The financing would be at 75 percent of increase in property values generated by the residential portion of phase three, according to a city staff report. Ingersoll Square currently has 68 rental units that are occupied, with another 63 under construction that should be completed next year. The third phase, anticipated to cost $8.5 million, will add 47 rental units, a Veridian Credit Union market headquarters and additional commercial space. The financing package for the third phase also includes an economic development loan of $400,000 and city assistance in obtaining $300,000 in federal housing funds. Proceeds from the sale of city-owned land at East Fourth and Locust streets will support the economic development loan.