Economic Development Incentives Committee - February 27, 2024 Minutes
ECONOMIC AND DEVELOPMENT INCENTIVE COMMITTEE
Fargo, North Dakota
Regular Meeting Tuesday, February 27, 2024
The February 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, February 27, 2024.
The committee members present or absent are:
Members Present: Dave Piepkorn, Mayor Mahoney, Jim Gilmour, Jackie Gapp, Jon Eisert, Michael Splonskowski, Robert Wilson, Lucas Paper and John Cosgriff.
Members Absent: Jessica Ebeling, Erik Barner, and Levi Bachmeier.
Commissioner Piepkorn called the meeting to order at 1:02 p.m.
Minutes Approved
A motion was made by Mayor Mahoney to approve the minutes from November 28, 2023. John Cosgriff seconded. Motion carries.
Ownership Change for Woodrow Wilson Apartments/Commercial Space
• Graystoke Capital Woodrow LLC purchased the Woodrow Apartments located at 301/315 University Dr N and 1222 4 Ave n from DFI Woodrow Wilson LLC on January 19, 2022.
• Would like the remainder of the PILOT tax schedule transferred to Graystoke Capital Woodrow LLC and ACV ALB San Mateo LLC the new operator of the project.
A motion was made by Lucas Paper to approve remainder of the PILOT to be transferred. Jon Eisert seconded. Motion carries.
Border States PILOT Application for Distribution Center
• James Sipe- Executive VP of Supply Chain
• Tony Serati- VP of Operations
• Border States is constructing a 350,000 square foot distribution center with $5 per square foot in specials.
• Asking for a 10 year PILOT
• This will be the first distribution center for Border States that will be nation wide
• Border States has 120 operating facilities over 29 states and employs more than 3,000 individuals in 38 states. They would like to leverage branch locations.
• Expecting to be done with the expansion in late 2025 or early 2026
A motion was made by Mayor Mahoney to approve PILOT application. Jon Eisert seconded. Motion carries.
Changes to Tax Increment Financing Policy
• The change would encourage developers for remove blighted buildings in a first phase of development.
• The second phase would be review of the details of the proposed development and a financial review to determine if additional incentives are needed.
• Limit to 5 year TIF
• If the developer does not start in the required time, the developer would not receive TIF income.
Discussion will continue regarding tax increment financing policy.
Jessica Ebeling resigned.
The meeting was adjourned at 1:26pm.