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Mitchell commission approves boundary and project plan for TIF District 46 to support 38-unit affordable housing project
Summary
The Mitchell City Commission set the boundary and approved the project plan for Tax Increment Financing (TIF) District 46, supporting a proposed 38-unit affordable housing development by Legacy Point LLC; public commenters raised fairness and cost-classification concerns.
The Mitchell City Commission voted on Tuesday to establish the boundary and approve the project plan for Tax Increment Financing (TIF) District 46, a proposal tied to a 38-unit affordable housing development by Legacy Point LLC.
City staff presented the plan, saying the project would include one-, two- and three-bedroom apartments, an indoor parking garage and outdoor parking, and amenities such as a fitness center, lounge, conference rooms and secured mailboxes. Staff reported the city’s total taxable value at about $1,750,000,000 and said the proposed district’s base value is well under the 10% statutory cap (roughly 2.5% by staff’s estimate).
The project’s eligible TIF cost was listed as $1,394,413, with discretionary…
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