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EDA approves adding TIF and tax abatement to business-subsidy policy
Summary
The East Grand Forks Economic Development Authority voted to add tax-increment financing (TIF) and tax abatement to its business-subsidy policy, giving staff additional incentive tools; the director cautioned the tools require careful due diligence and intergovernmental review.
The East Grand Forks Economic Development Authority voted to add tax-increment financing (TIF) and tax abatement provisions to its business-subsidy policy during its April meeting.
The director told the board the change would place both financing tools into the EDA’s toolbox and give staff more flexibility to retain or grow businesses. “They can be used completely at our discretion, judiciously with a lot of cross checking and due diligence to make sure that the developer is not overstating what they can do,” the director said.
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