Tax Exempt Review Committee - May 23, 2023 Minutes
ECONOMIC AND DEVELOPMENT INCENTIVE COMMITTEE
Fargo, North Dakota
Regular Meeting Tuesday, May 23, 2023
The April 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, May 23, 2023.
The committee members present or absent are:
Members Present: Dave Piepkorn, John Cosgriff, Jon Eisert, Mayor Mahoney, Jim Buus and Jessica Ebeling.
Members Absent: Lucas Paper
Others Present: Jackie Gapp and Levi Bachmeier
Commissioner Piepkorn called the meeting to order at 1:00 p.m.
Minutes Approved
A motion was made by John Cosgriff to approve the minutes from May 23, 2023. Jon Eisert seconded. Motion carries.
Request for TIF for 502 8th Street Rowhouses
• Dave Noah- Real Estate Associate
• 5 Townhouse style apartments (3 bed/3.5 bath). Designing them to sell as individual properties in the future.
• Project would not be feasible without TIF assistance
• Asking for a 15 year TIF- $300,000
• Current property tax range is around$2,000. When it expires it will be closer to $25,000.
• Property is not in the Renaissance Zone
Motion to approve tax exemption was made by Mayor Mahoney. Jessica Ebeling seconded. Motion carries
Request for PILOT for Water Park
• Blake Nybakken- EPIC Companies COF
• 20 year PILOT: 2 lots.
• Parking ramp: 500 spots
• Private investors, private financing, and private maintenance/management
• Would pay about $24,000 annually. After PILOT would be $1.1 million annually in property tax
• Water park and hotel with 135 rooms
• Family entertainment center, family bar and restaurant.
• Timeline is by then end of July
Questions:
• Mayor Mahoney: Will a 15 year PILOT work?
o No, it will not
• John Cosgriff: Will there be free parking?
o The parking will be similar to downtown parking ramps. Cost has not been figured out yet.
• Jessica Ebeling: Has a score sheet been done? Is this a need?
o A market study was done and the demand was very supportive of this study.
Change to the current policy needs to be discussed further. This will be continued to next meeting.
The meeting was adjourned at 1:52pm.