Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
County receives notice of Watamingo redevelopment TIF for vacant elementary school; board not asked to act
Summary
Finance staff presented required notice of a proposed 25‑year Tax Increment Financing district by the City of Wanamingo (Watamingo) to aid redevelopment of a 60,000 sq. ft. vacant elementary school into private commercial uses. The board may submit comments within 30 days; a public hearing is scheduled Nov. 17 in the city.
County finance staff told the board Nov. 4 that the County had received required notice on Oct. 17 from the City of Watamingo about a proposed 25‑year redevelopment TIF District encompassing part of two parcels being replatted. The city plans to repurpose a 60,000 square‑foot vacant elementary school at 225 3rd Avenue for uses such as child day care, a community gym, office space or similar private commercial uses.
Finance staff said the city determined the property is substandard and that the redevelopment is unlikely to occur through private investment alone in the foreseeable future. The city intends to issue a PAYGo tax increment financing revenue note to reimburse the developer for eligible public development costs. Staff said the county currently receives no property tax from the parcels because they are owned by the school district and that the proposed TIF is expected to produce roughly $79,000 annually in tax increment across the three major taxing jurisdictions, approximately $25,000 of which would go to Goodhue County if the TIF proceeds as projected. The county is not being asked to approve the TIF; the city council will make that decision after a public hearing on Nov. 17. The county may submit comments in writing within 30 days of receipt of the notice.
Finance staff said they had no concerns with the proposed district but offered to draft questions for the city if the board wished to submit comments.
