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Detroit Lakes Council approves TIF for Lincoln School redevelopment, funds for Washington Ballpark and multiple construction contracts
Summary
The council approved a $956,966 TIF assistance package for redevelopment of the former Lincoln School, approved $266,027 in additional funding for the Washington Ballpark and awarded multiple construction and renovation contracts, including library and pavilion work.
Detroit Lakes City Council voted to approve a set of development, procurement and funding actions at its meeting, including a tax-increment financing (TIF) development agreement for the former Lincoln School site and awards for parks and facility projects.
On the redevelopment item, Chairwoman Sprague summarized that the developer requested $956,966 in TIF assistance structured as a pay-as-you-go note to close a financing gap on an approximately $7.5 million redevelopment project; staff presented a financial analysis and a but-for test required for TIF eligibility. The council adopted a resolution approving the development agreement for TIF 1-1 following a committee recommendation.
On parks and capital…
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