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Local development authority recommends 504 Development LLC TIF plan for 39‑unit apartment near school
Summary
The body voted to recommend the draft tax‑increment financing (TIF) plan from 504 Development LLC to the city council; staff said the plan estimates about $2.1 million in TIF funds for site work, bond interest and administration and a public hearing is set for April 9 at 6 p.m.
A Kasson City development meeting voted to recommend a draft tax‑increment financing plan from 504 Development LLC to the city council, advancing a proposed development near the school that staff said would include a 39‑unit apartment building and a four‑unit townhome.
The Coordinator presented the plan and said, “They're estimating a little over $2,100,000 in TIF funds going towards the project, including site improvements, bond and note interest payments and administrative costs.” The Coordinator said the…
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