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Council adopts modification to development program and establishes TIF District No.1-17 for ECP Food Warehouse
Summary
Resolution No. 25-5-14-16 was adopted unanimously to modify the Master Development District No.1 and establish Tax Increment Financing District No.1-17 and adopt a TIF Plan for a 90,000–100,000 sq ft food storage warehouse, including findings of public purpose and projected market-value increases.
The City Council unanimously adopted Resolution No. 25-5-14-16 on May 14 to modify the city’s Master Development District No. 1 development program and create Tax Increment Financing District No. 1-17 for the ECP Food Warehouse. Council member Lilah Gripne introduced the resolution and the motion was seconded and approved without objection.
The council’s findings, recorded in Exhibit A and read into the record, describe the project as an approximately 90,000–100,000 square foot food storage warehouse for Enterprise-CP LLC in the Long Prairie SW Industrial Park. The resolution includes the council’s written determinations that (1) the district is an economic development district under state law, (2) the project is not reasonably expected to occur without tax increment assistance, and (3) the program conforms to the city’s general development plan.
Appendix figures included in the plan estimate a total market-value increase of $9,840,900 if the proposed development occurs and a present value of expected tax increments of $1,359,789. The council directed staff and the city’s legal and financial advisors to proceed with implementation, including certification of net tax capacity by the Todd County Auditor and filing required copies with state offices.
