Minot approves M Building TIF

TIF progress for the M Building project
TIF progress for the M Building project(KFYR)
Published: May. 16, 2022 at 10:21 PM CDT
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MINOT, N.D. – Monday, Minot City leaders approved Tax Increment Financing for the M building in downtown.

They joined the school board in approving the move. Ward County denied it once, but that decision could possibly be overturned at their meeting Tuesday. More information came back confirming the necessity of the TIF for the project.

“If the county doesn’t participate, it’s a big drawback. It leaves us with a very substantial gap that we’re going to have to try to scratch and claw our way through and it’ll probably have impacts in other areas of the project whether it’s some contingencies right off the bat or other areas,” said Blake Nybakken, EPIC Companies.

Numbers presented by city staff showed that their cut of property taxes on the M building would jump from just over $3,000 to more than $77,000. Though under the TIF the city would be receiving 10% of that in its coffers for 20 years or until things are paid off.

Previous Coverage:

April 5: EPIC Companies to renovate M Building with tax increment financing

April 7: Progress towards a TIF for EPIC Companies

May 3: Speed bump for the M building project

May 15: Ward County Commissioners to take up M Building TIF discussion again this week

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