CORTLAND – An age-restricted housing development is expected to be the first project to generate funds for Cortland’s new tax increment financing district.

Cortland trustees approved an ordinance Monday that will clear the way for the construction of a four-unit apartment building that will target people ages 55 or older.

George Caravelli, president of South Elgin-based developer Worthington Enterprises, Ltd., hopes to start construction of the “Cortland Cottages” project in November and have a model apartment ready by March.