Tuesday morning, the Ward County Commission agreed to participate in tax increment funding for the iconic M Building.
And Monday night, Minot City Council approved a deal where the council and the school district will participate in 20 years of TIF.
Those two entities agreed to allow for 90 percent of the building’s future property taxes which will help pay for city bonds that will cover the cost of asbestos removal.
Ward County agreed to commit to the TIF for a shorter time period.
“They will participate with 100% of their future property tax revenues for the next eight years going towards the project,” said City Manager Harold Stewart.”Which means after eight years, then they get 100% of the property taxes paid by that developer and that property owner, while the city and the school district continue to be in that relationship for 20 years.”
Stewart says City Council plans to schedule a public hearing about the TIF for the M Building at the June 6 council meeting.