Economic Development Incentives Committee - March 26, 2024 Minutes

ECONOMIC AND DEVELOPMENT INCENTIVE COMMITTEE
Fargo, North Dakota

Regular Meeting Tuesday, March 26, 2024

The September 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, March 26, 2024.

The committee members present or absent are:

Members Present: Dave Piepkorn, John Cosgriff, Mayor Mahoney, Lucas Paper, Jon Eisert

Members Absent: Erik Barner

Others Present: Jackie Gapp, Robert Wilson, Jim Gilmour, Michael Splonskowski

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

Minutes Approved

A motion was made by Lucas Paper to approve the minutes from February 27, 2024. Mayor Mahoney seconded. Motion carries.

Commonwealth PILOT Application for Senior Housing

• 40 units of low income senior housing project
• 55 and older, one and two bedrooms units
• 4 story building with elevator
• Location is close to the mall
• Tyler from Commonwealth Development talked, received the funding award and will start construction this summer once plans are approved
• Projected to cost $15.6 million
• Request for more insight into this project
more detailed presentation on budget
o hard cost construction costs
o size of lot
o cost per door
o baseline of where the cost is coming from
o state project
• Table project until next meeting to gather data for more clarity

Proposed Change to TIF Policy

• Two policies now for encouragement to take down obsolete buildings
o Current developments - you know what you are building
o New developments/redevelopment – unknowns
• 5 year window to recover costs
o Could be extended if needed
o No reimbursement if no building
o Relocation requirements: moving costs
o Demolition cost
o Incentives reimbursed if qualified
o Knock down buildings for safety reasons/fire prevention

Bell Bank Remodeling Exemption

• 4 year exemption
• Purchased in June 2021, plan to move in June 2024
• Started in 1966 in Fargo, 50 year old building
• 300 employees to start with and 500 employees to end with around 2025
• $52 million – could be higher or a little bit less. $17 million for 4 years
• Demolition cost is high
• Great investment/benefits will be great in the next 5 years
• Exciting news
• Economic impact this will have on downtown Fargo

The meeting was adjourned at 1:35pm.