The Des Moines City Council has approved the preliminary terms of a development agreement for the construction of three two-story apartment buildings on Forest Avenue between 32 and 33rd streets in the Drake University neighborhood. The project is being led by Neighborhood Development Corp., which recently bought land for the project from Nelson Construction & Development. The estimated $7.6 million project would provide 50 units of multifamily housing. The City Council approved a plan that calls for 10 years of tax increment financing that would be paid on a sliding scale from 100 percent to 20 percent of the value of improvements. The council has approved a rezoning of the area. A public hearing is scheduled during the council’s Sept. 12 meeting for the creation of an urban renewal district for the area of the development. The city’s Urban Design Review Board will get its first look at the project when it meets Aug. 2.