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Council approves tax‑payment program for downtown remediation project at North Broadway
Summary
Council approved a tax‑payment (abatement) program for SLD Properties to support remediation of unsuitable soils at 318–326 North Broadway. Staff said the county projects a $1,524,700 market‑value increase; the maximum abatement would be $256,958 over 13 years.
The New Ulm City Council on March 3 approved a tax‑payment program for SLD Properties to help pay for soil remediation and redevelopment of a one‑story, three‑storefront building at 318–326 North Broadway.
Planner John Knisely told council the County assessor projects a $1,524,700 increase in market value from the redevelopment. "The maximum tax abatement amount to be provided would be $256,958," Knisely said, and staff described a 13‑year schedule that produces projected annual abatement payments of about $19,776. He said the first tax‑payment revenue will be for taxes payable in 2028, with the first reimbursements scheduled for February 2029.
Knisely said the site has variable, unsuitable soils and building rubble buried on the property and that Braun Intertek recommended complete removal and replacement of those materials with structural fill. The city retained a consultant to evaluate feasibility and provided development‑agreement terms in the council packet.
With no public comment, a councilor moved to close the hearing and adopt the program and development agreement; the motion was seconded and passed on roll call.
