In continuing coverage, work on an affordable housing development project is set to start this summer in Minot.
And this week, the city council voted to create a Tax Increment Financing district for Blu on Broadway. The move will give the developer a five-year tax exemption on site improvements.
In return, that money will be put directly toward a project to turn a nearby alley into a city street.
“The thing that we have in Minot that is most similar to this is the Beaver Ridge complex. That seems to have worked quite well over the years. I don’t see why this one wouldn’t be any different,” said Alderman Mark Jantzer.
But not all agreed. The city will use close to $5 million of disaster resilience funds to help finance the $10 million project. Alderman Josh Wolsky says he thinks the project is great for the city, but the tax exemption plan isn’t the best option for taxpayers.
“As the project developed it was my understanding that the project infrastructure was going to be delivered along with it was among the benefits that were going to be delivered to the public,” said Josh Wolsky.
Converting the alley will cost about $700,000. Tax increment financing will cover over $400,000 of that. The developer will be responsible for the full street construction cost.