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Council establishes TIF District 116 and approves development agreement for 65-unit workforce housing
Summary
The council adopted a modification to the Development District and established Tax Increment Financing District No. 116 to support a 65-unit apartment project by Edge Housing LLC; the TIF term is up to nine years and estimated to generate roughly $962,500 in net tax increment.
The Thief River Falls City Council approved the establishment of Tax Increment Financing (TIF) District No. 116, dubbed the EDGE workforce housing TIF district, and separately approved a development agreement with Edge Housing LLC to support a proposed 65-unit apartment complex.
City staff reported the proposed development would occupy about 5.07 acres the developer is acquiring from Sanford Health Network North. The…
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