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Hibbing council approves $500,000 interfund TIF loan, land purchases and next steps for surplus properties
Summary
The council approved an interfund loan tied to a tax increment financing (TIF) district for the 400 block redevelopment, authorized acquisitions from the land acquisition fund and opened a surplus‑property redevelopment process for the former Nortek site.
The Hibbing City Council on Wednesday approved a series of land‑use and financing steps: a $500,000 interfund advance for tax increment financing related to the 400‑block redevelopment; a $275,000 purchase from the land‑acquisition fund for 402 East Howard Street; a $6,376.94 transfer to the Hibbing Economic Development Authority to cover closing costs for 2810 Diane Lane; and authorization to solicit redevelopment proposals for the city‑owned Nortek parcel formerly considered as a public‑safety backup site.
Community Development Director Miss Solavanti…
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