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Cass County commissioners deny 20-year Fargo pilot tax incentive for downtown housing project
Summary
The board voted to disapprove a county participation request in a downtown Fargo housing pilot after debate over a proposed 152020to2020-year tax pilot, fiscal impact and financing assumptions. Developers and a financial adviser said the public assistance was needed to reach a viable debt-service coverage ratio.
The Cass County Board of Commissioners on Monday voted to disapprove the county's participation in a proposed downtown Fargo pilot tax incentive intended to support a low- and moderate-income housing project.
The developer's team described a complex financing stack that includes 4% low-income housing tax credits and a $3,000,000 housing incentive grant the state has approved. A county-contracted financial reviewer, Matt Schneckberg of Financial Advisors, told commissioners the project's debt-service coverage ratio (DSCR) is roughly 0.94 without public assistance and rises to about 1.3 with…
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