TIF requests on NU Council agenda
NEW ULM – The New Ulm City Council will meet today at 5 p.m. in the Council Chambers at City Hall.
The Council will consider approving a Conditional Use Permit for Eagle Development LLC to build a 39-unit rental apartment at 103 to 119 S. Minnesota St. The apartments would restrict renters to individuals over age 55.
The Council will also consider a request for TIF (tax increment financing) district by Eagle Development. The company sent a letter stating that the project is not currently feasible with being granted a TIF district.
Similarly, the Council will consider a motion to modify the terms of the TIF district proposed for Winkelman Building Corporation’s apartment complex at 2107 N. Highland Ave. The changes include an expansion from 35 units to 42 units and the 15 garage parking spaces with 45 surface parking spaces being changed into 42 underground parking spaces with 47 surface parking spaces.
TIF funds are generated by properties paying property taxes, then having a portion of those taxes refunded to the business. TIF has no cost to the City, because the property taxes would not exist without the business being built, and that the City will gain on property taxes when the TIF ends. The requirements of a TIF district also obligate the business to provide 20 percent of its housing to individuals with incomes below 50 percent of the Brown County Median Family Income.
The Council will also consider finalizing the Conditional Use Permit request by M.R. Paving and Excavating, Inc., which is the final zoning hurdle required before the business can take over the City’s compost and burn site.