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EDIC approves property tax exemption schedule for Cut the Skyline redevelopment near NDSU
Summary
The committee approved a multi‑year exemption schedule for an 80‑unit apartment project developed by Rohrer/affiliates near NDSU; PFM presented underwriting showing assistance improves IRR and debt coverage and staff described eligible demolition and utility costs documented under the city’s renewal plan.
The Economic Development Incentives Committee approved a structured tax exemption to support an 80‑unit apartment development on a site formerly occupied by seven single‑family homes near North Dakota State University.
Jim Gilmore described the site and the city’s 2018 renewal plan that identified the area as eligible for assistance. Rohrer’s development group (acquirer) demolished several existing homes after the plan adoption; the developers now propose an 80‑unit building with interior parking. Gilmore said eligible TIF assistance could reach up to about $2.1 million in nominal terms, but when limited to a 15‑year capture period and phased payment the present value was estimated at roughly $1.15 million.
PFM’s…
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