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EDIC conditionally approves Bison Lodge pilot, requires full departmental sign-offs
Summary
The Economic Development and Investment Committee approved a conditional payment-in-lieu-of-taxes incentive for the proposed Bison Lodge townhome redevelopment at 11th Avenue North and 17th Street North, contingent on final sign-offs from planning, engineering, fire and building inspection departments.
The Economic Development and Investment Committee approved a conditional payment-in-lieu-of-taxes incentive for the Bison Lodge townhome redevelopment at 11th Avenue North and 17th Street North, contingent on final sign-offs from the city’s planning, engineering, fire and building inspection departments.
The committee’s discussion centered on financial viability, site constraints and the need to avoid approving projects before technical reviews are complete. Committee member Jim Gilmore moved the conditional approval; the motion was seconded and carried.
The committee heard financial findings from Matt Steinberg, financial advisor with BFM. Steinberg said the developer’s proposed sources included roughly $275,000 in equity provided via a life-insurance–backed loan from one applicant’s parent and that the project’s projected internal rate of return would be about 4.24 percent without public assistance…
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