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Kasson City council approves tax abatement and $50,000 loan for ‘House of Hoops’ athletic facility
Summary
The Kasson City Council approved a $100,000 pay‑as‑you‑go tax abatement and a separate $50,000 revolving loan to support construction of a proposed House of Hoops athletic facility at 119 West Main, after staff and the EDA outlined project costs, a repayment timeline and conditions including business counseling.
Kasson City Council on Monday approved a $100,000, pay‑as‑you‑go tax abatement and a $50,000 revolving loan to help fund the House of Hoops athletic facility proposed for 119 West Main.
EDA staff Ian told the council the abatement was sized to be recovered within seven years of the first full tax year for the completed project; the developer projects the building will be finished in 2026, making 2028 the first full tax year. The abatement would cover only the city’s share of new tax revenue, capped at $100,000 or seven years, whichever occurs first. Ian also outlined a…
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