City Council Meeting Date: November 7, 2023
To: Mayor and City Council
City Administrator
From: Nate Carlson, Economic Development Coordinator
Title
Public Hearing - Creation of New Redevelopment Tax Increment Financing (TIF) District
Body
Action Requested:
The Northfield City Council will hold a public hearing and consider a proposal to establish a Tax Increment Financing (TIF) district for the Archer Redevelopment Project. Establishing the TIF District relates to a request by Manawa, LLC for a Redevelopment TIF District to accommodate the development of the Archer.
Summary Report:
Manawa, LLC (Site Owner) is requesting Tax Increment Financing (TIF) incentives from the City of Northfield to assist with a mixed-use redevelopment projected located at 212 Division Street in Historic Downtown Northfield. The project has the potential to revitalize the downtown core following the devastating fire that claimed the previous Archer House in 2020.
The proposed Archer building is located on a 0.56 acre parcel zoned C1-B: Downtown. The proposal includes 23 apartment units, 19 short-term rental units, and 8,200 square feet of commercial space. The proposed project is a permitted use in the C1 zoning district. The applicant has been working with staff on site plan review, land development code requirements, and historic district compatibility and appropriateness.
City Staff and City Financial Advisor, Nick Anhut of Ehlers, will be providing an overview of the project and TIF request.
TIF Plan document to be provided in supplemental memo.
Alternative Options:
Not applicable when holding a public hearing.
Financial Impacts:
Manawa, LLC is requesting the full 26 years of TIF to support the redevelopment of the Archer. Current estimates of the possible increment support a TIF Note of $2,686,000 utilizing 97.5% of the increment created.
More financial detail to be provided at the meeting.
Tentative Timelines:
December 7, 2021 - City approved substandar...
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