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Kasson council establishes TIF district and authorizes contract for 4th Lane Flats
Summary
The Kasson City Council approved a tax‑increment financing (TIF) district and authorized the mayor and staff to sign a development contract with 504 Ventures LLC for a 39‑unit apartment project, with the city pledging up to 90% of incremental tax revenue toward $650,000 in eligible developer costs over up to 12 years.
Kasson City Council voted to establish a tax‑increment financing (TIF) district and authorized the mayor and staff to sign a development contract to support the proposed 39‑unit 4th Lane Flats project. The council adopted a resolution after a public hearing and a staff presentation by Mike Bubani.
Bubani told the council the housing TIF would require rental income compliance and include two tiers of income‑restricted units: 20% of units at 50% of area median income and 40% at 60% of area median income for rental units. He summarized the financing mechanics: "all we're doing is redirecting new property taxes that are being generated by development to assist that development that otherwise…
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