Economic Development Incentives Committee

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Tax Exempt Review Committee - January 24, 2023 Minutes

Fargo, North Dakota

Regular Meeting Tuesday, January 24, 2023

The January meeting of the Economic and Development Incentive Committee of the City of Fargo, North Dakota was held in the City Commission Room at City Hall at 1:00 p.m., Tuesday, January 24, 2023.

The committee members present or absent are:

Members Present: Dave Piepkorn, John Cosgriff, Jon Eisert, Lucas Paper and Mayor Mahoney

Members Absent: Jim Buus and Jessica Ebeling

Others Present: Jackie Gapp and Levi Bachmeier

Commissioner Piepkorn called the meeting to order at 1:00 p.m.

Minutes Approved

A motion was made by John Cosgriff to approve the minutes from July 26, 2022 and November 22, 2022. Jon Eisert seconded. Motion carries.

TIF on old Herberger’s building at West Acres

• Not actively working on the project
• Interest and building costs
• Information only – no action/motion

Update on sale of 401 3rd Ave North
• Withdrawing proposal
• Interest rate and building costs
• Up to Commission to see what should happen with RPF: Reissue RFP or start from scratch?

TIF on South University Mixed Use Project – 1600 block of South University
• Remove houses on west side of block
• 13,000 sq. ft. commercial main level
• 127 apartments above
• Matt Schnackenberg, PFM, Minneapolis Office
• Commissioner Piepkorn asked what the current property tax is for the block. Mike Splonskowski said the current taxes start at $37,000 and would be estimated as $452,000 upon completion of the project.
• John Cosgriff asked if the project doesn’t happen does everything stay in place. Existing taxes stay the same throughout these projects.

Motion to approve tax exemption was made by Lucas Paper. Jon Eisert seconded. Motion carries.

The meeting was adjourned at 1:26pm.