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School board approves nine‑year TIF for Riverchase 2 housing project, 5–1
Summary
The Faribault school board voted 5–1 to approve a resolution supporting a nine‑year tax increment financing plan for the 76‑unit Riverchase 2 market‑rate housing project; consultants said the TIF fills a financing gap and the city will consider a development agreement on March 24.
The Faribault Public Schools board voted 5–1 on Feb. 17 to approve a resolution supporting a nine‑year tax increment financing (TIF) plan for Riverchase 2, a proposed 76‑unit market‑rate apartment project at 105 Riverchase Court.
Shane Redlanger of Ehlers, the city’s consulting finance firm, told the board the project is “about $13,400,000” and that the TIF is needed to bridge a financing gap so the developer can proceed. Redlanger described a standard “but‑for” analysis used to show that the tax base would not materialize without TIF assistance and…
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