City approves several Renaissance Zone projects and a 10‑year incentive package for downtown apartment project

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 current assessed value is $269,000 and the proposed improvements increase the projected value to about $350,000, with an estimated tax benefit of roughly $9,000 annually. Landon Holt, owner of DH Ventures, told the commission several address numbers are associated with the property and staff said they will coordinate permitting offline.

The Cass Clay Community Land Trust project at 717 Third Avenue North drew neighborhood comment. Neighbor Paul Gly urged the commission to delay approval and asked for revisions that preserve elements of the building tied to the Milton Earl Beebe Historic District. Trenton Garrett, executive director of the Cass Clay Community Land Trust, said the design team plans to partner with historic‑window vendors, will upgrade foundations and intends to preserve historic integrity within applicable building‑code constraints. Commissioner Strand disclosed he serves on the land trust board and requested to participate; the commission voted to allow him to do so before the project vote.

The Lennox (Leneth Lofts) new‑construction application proposed a roughly $3.4 million investment for a three‑story building with 22 apartments and ground‑floor parking. Staff said the Renaissance Zone benefit alone would be five years; the TIF request would provide up to an additional five years. Jim Gilmore, presenting the TIF package, said financial consultants estimated incentives improved developer returns from about 6.5% to roughly 11% and noted the project’s debt coverage ratio was near 1.0 without incentives, making bank financing difficult. Current property taxes for the site sum to about $2,100 (city share approximately $383); projected taxes for the completed project are roughly $48,000 total with the city share about $8,600.

Commissioners discussed the possibility of extending Renaissance Zone exemptions to eight years, which would require county participation; staff said Cass County was notified and has not yet acted on the exemption. Commissioners also asked staff to consider modern amenities, such as EV charging and indoor recycling, during incentive and code updates.

All motions passed by roll call; staff will finalize development agreements and track required administrative steps with the developer and related authorities.