DATE: August 22, 2019
TO: Members of the Economic Development Authority
FROM: Nate Carlson, Economic Development Coordinator
Mitzi Baker, Community Development Director
Title
Resolution of Support for TIF Request by Developer
Body
SUMMARY AND ACTION REQUESTED:
The EDA Board shall approve Resolution 2019-005 supporting tax increment financing of the redevelopment project.
BACKGROUND:
Rebound Real Estate, LLC, in partnership with the Stencil Group, is requesting Tax Increment Financing (TIF) incentives and other business subsidies from the City of Northfield and Northfield EDA to assist with a major redevelopment project consisting of a 79-unit urban residential complex at the southwest corner of 5th Street and Washington Street, referred to as 5th Street Lofts. The developers, Rebound and Stencil, have provided an application for the TIF funds and the additional requests to make this a feasible project.
• TIF Amount Requested: $1,804,000 (Present Value)
o Type of TIF District: Redevelopment District (25-year duration)
o TIF Funding Structure: “Pay-as-you-go”
OPTIONS:
• Approve resolution 2019-005
• Take no action.
RECOMMENDATION:
Staff recommends approval of EDA Resolution 2019-005.