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EDA debates adding TIFF and tax-abatement options to business subsidies; tables final abatement decision pending county and school input
Summary
Board members discussed whether to add tax-increment financing (TIFF) or tax abatement to the city’s business-subsidy toolkit and reviewed the 280 fund that supports abatements; usage has declined (board cited '23 properties down to eight'), and members agreed to contact the county and school district before deciding whether to extend abatements.
A prospective large business requested incentives beyond what DEED or the city’s enterprise-zone incentives could offer, prompting the East Grand Forks EDA on March 18 to consider expanding its business-subsidy toolkit to include tax-increment financing (TIFF) or tax abatement.
Staff said TIFF or abatement are not currently included as options in the city’s business…
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