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County tells commission it applied for housing-and-transit tax district tied to Dakota Pacific
Summary
County staff said it submitted a Housing and Transit Reinvestment Zone (HTRZ) application for the Dakota Pacific project and that proposed tax-increment financing would be folded back into the development to subsidize affordable housing and infrastructure; a state committee hearing was scheduled Feb. 23.
Peter, a county staff member, told the commission the county submitted an application to the state to create an HTRZ connected to the Dakota Pacific (DPRE) project and that county staff will meet the state committee that decides whether the tax district can be created.
Peter said the submitted application anticipates using tax-increment financing to support affordable housing within the project and related transportation infrastructure: "The funds that would be generated, the tax increment financing, would actually then be folded back into the project to subsidize the creation of the affordable housing units and the transportation infrastructure," he said.
He added the application was submitted before recent state rule amendments and that the state has been considering guardrails; staff will forward the application package to commissioners who requested to review the materials. County staff flagged a state committee hearing scheduled for Feb. 23 and described the outcome as pending.
