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Council adopts modification to TIF District 1‑5 to cover higher interest costs
Summary
The City Council voted to adopt a modification to Tax Increment Financing District No. 1‑5 to increase the district budget so the city can continue paying an outstanding obligation to Midwest Minnesota Community Development Corporation and comply with state auditor requirements; the TIF remains set to decertify in February 2031.
Rebecca Kurtz, representing Eller’s, presented a straightforward modification to the city’s Tax Increment Financing (TIF) District No. 1‑5 and explained why staff are asking the council to increase the district budget. Kurtz said the district — created in 2003 to assist construction of 18 single‑family homes and under an agreement with Midwest Minnesota…
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