Economic Development Incentives Committee

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Tax Exempt Review Committee - July 26, 2022 Minutes

Fargo, North Dakota

Regular Meeting Tuesday, July 26, 2022

The July meeting of the Economic and Development Incentive Committee of the City of Fargo, North Dakota was held in the City Commission Room at City Hall at 1:00 p.m., Tuesday, July 26, 2022.

The committee members present or absent are:

Present: Dave Piepkorn, John Cosgriff, Jim Gilmour, Jackie Gapp, Jim Buus, Jon Eisert and Jessica Ebelling, Nicole Crutchfield, Matt (PFM).

Absent: Deb Mathern, Arlette Preston, Prakash Mathew, Michael Splonskowski, Steve Swiontek, Reid Middaugh, John Strand, Jessica Ebeling, Mayor Tim Mahoney, Levi Bachmeier, Bruce Grubb, Kent Costin, Erik Johnson, Joe Raso, Robert Wilson, Dean Brescani, Chad Peterson, and Nancy Morris.

Commissioner Piepkorn called the meeting to order at 1:00 p.m.

Minutes Approved

A motion was made by Jim Buus to approve the minutes from May 24, 2022. John Eisert seconded, motion carries.

Roosevelt Family Lofts PILOT Request

• Ryan Downs/ Roosevelt Family Lofts Apartments
• New policy for underutilized property in downtown
• 13 unit housing complex in Roosevelt neighborhood
• 10 year property tax exemption. 100% for the first 5 years. 50% for years 6-10.
• Zoned multi-family
• Target rent base is $1775

• Dave Piepkorn- Access? One driveway in and out. Is the adequate?
o Ryan- Believes that this is adequate. There’s isn’t high density.
• Jim Buus- What kind of feedback was there from the neighborhood?
o Ryan – There’s a Roosevelt neighborhood association and a discussion was had with them. They are look for more of the family feel.
o Nicole- The biggest feedback was appeal to family, appeal to the right away and open space.
• Mayor Mahoney- Was there a thought about condos instead of renting?
o Ryan- They did but would be difficult to do on this site.
o Jim Gilmour- Building to the east were tired to sell as condos but did not work out
• Dave Piepkorn- Are there going to be 2 bedroom or a mix?
o Ryan- All 3 bedrooms 2 bath
• Jim Buss- How many parking spaces per unit?
o Ryan- 2 parking spaces per unit.

• Matt from PFM gave a synopsis of his analysis

Motion to approve tax exemption was made by John Cosgriff. John Eisert seconded, motion carries.

North Dakota Opportunity Fund

• Provide low interest loans to business throughout the state. 30 communities participate.
• It was set up with federal money no longer federal requirements
• To apply they need permission from the city of Fargo. A letter of support.
• Daycares. Non-primary sector businesses
• Fargo’s value in the fund in the is $3 million range
• Low interest loans and buy downs

• Jim Buus- How is the fund governed from a board perspective?
o Jim Gilmour- Overall policy committee and a loan committee. Staffed through the Lewis and Clark Regional Council
• Jim Buus- Is there elected officials?
o Jim Gilmour- Yes

No motion. Will take these to the Commission Meetings.

The meeting was adjourned at 1:23pm.