City Council Meeting Date: November 12, 2024
To: Mayor and City Council
City Administrator
From: Nate Carlson, Economic Development Coordinator
Title
Council Resolution to Create a New Redevelopment Tax Increment Financing District and a TIF Assistance Agreement for the Archer Redevelopment Project.
Body
Action Requested:
The Northfield City Council consider approving a resolution to establish a Tax Increment Financing district and execute a TIF Assistance Agreement for the Archer Redevelopment Project with Manawa, LLC.
Summary Report:
Manawa, LLC, representing the ownership interest in 212 Division Street S. - the site of the former Archer House Hotel - is requesting Tax Increment Financing (TIF) incentives from the City of Northfield to assist with a mixed-use redevelopment project located at 212 Division Street S, in Historic Downtown Northfield. The project will redevelop the site which has been vacant since 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 and extended-stay-style lodging units, and 8,554 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. The project as proposed has met the land development code requirements and received a certificate of appropriateness from the Historic Preservation Commission, which reviews projects in and directly adjacent to the National and Local Historic District for compatibility and appropriateness.
City Staff and City Financial Advisor, Nick Anhut of Ehlers, will provide an overview of the project and TIF request.
Alternative Options:
Council may choose not to create the TIF District or execute the Assistance Agreement.
Financial Impacts:
Manawa, LLC is requesting the full 26 years of TIF to support the redevelopment of the Archer....
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