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City approves several Renaissance Zone projects and a 10‑year incentive package for downtown apartment project
Summary
The commission approved multiple Renaissance Zone rehabilitation and new‑construction applications and adopted a renewal plan and development agreement that pairs a five‑year Renaissance Zone exemption with a five‑year TIF exemption for a downtown multifamily project. Staff and a financial consultant said incentives improved project feasibility.
The Fargo City Commission Monday approved several Renaissance Zone rehabilitation projects and a tax‑increment financing (TIF) exemption to support construction of new downtown apartments.
Approvals included a rehabilitation for 508–512 Broadway North by DH Ventures, a rehabilitation project by the Cass Clay Community Land Trust for 717 Third Avenue North, and a new three‑story, 22‑unit multifamily project at 2200 Sixth Avenue North. The commission also adopted a renewal plan and development agreement for Leneth Lofts that pairs a five‑year Renaissance Zone exemption with a five‑year TIF exemption for a total of 10 years of tax relief for the developer.
City staff said the DH Ventures project met the Renaissance Zone threshold; the property's…
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