Planning Commission approves TIFS for apartment projects
NEW ULM – The New Ulm Planning Commission approved Tax Increment Finance proposals Thursday for two local apartment complex projects being constructed in town.
The first TIF was for the Wilkmen Building Corp.’s 42-unit apartment building at 2107 North Highland Avenue. Since it is a housing TIF, the property will be required to provide 20 percent of its housing to individuals making less than 50 percent of the Brown County Median Income.
The second TIF is for Eagle Development, LLC for its 39-unit apartment building planned for the 100 block of South Minnesota Street. Since it is a redevelopment TIF, there is no housing requirements on this building. Instead, the money can only be used to pay costs like modifying or removing the buildings already occupying the space and working with the ground in the area. It cannot be use the apartment building itself in this project.
This is the last step before final Council approval of the TIFs in the process.
Josh Moniz can be e-mailed at firstname.lastname@example.org