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Mankato approves TIF district for redevelopment at 830 North Broad Street
Summary
The Mankato City Council adopted resolutions creating Development District No. 48 and Tax Increment Financing District No. 48 for 830 North Broad Street, approving a pay-as-you-go TIF capped at $161,072 in principal and authorizing the city manager to execute a development agreement.
Mankato City Council on April 14 adopted resolutions establishing Development District No. 48 and Tax Increment Financing (TIF) District No. 48 for 830 North Broad Street and authorized the city manager to enter into a development agreement with the project developer.
City staff described the proposal as demolition of an existing substandard building at 830 North Broad Street and construction of a new two-story commercial office building, with an estimated total project cost of $2,300,000 and construction anticipated in 2025 and 2026. "The proposal involves demolishing the existing substandard building at 830 North Broad Street and…
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