The City of Fargo is announcing that the tax incentives for several development projects have successfully concluded and are now contributing fully to Fargo’s property tax base. The City’s tax incentive programs are designed to support private investment in housing, redevelopment and infrastructure in areas that face financial or market-based development challenges. The programs are temporary tools utilized typically for a period of five to 15 years to assist projects that would otherwise not be financially feasible.
“These incentives are designed to support initial project costs without permanently reducing tax revenue. Developments that received incentives are now generating new tax dollars that reduce the burden on other taxpayers and support public services across Fargo,” stated Mayor Dr. Tim Mahoney, a member of Fargo’s Economic Development Incentives Committee.
In the last five years, the tax incentive periods have ended for 15 projects, and their full property values – significantly increased through incentivized development – have been added to the tax rolls. These 15 projects represent $173 million in property value that is now contributing to Fargo’s tax base, as well as providing 389 units of market-rate housing to the community. Among the 15 projects that have transitioned to full taxation are Cityscapes, Bison Block, T-Lofts and additional core neighborhood and downtown housing developments.
“Thanks to our tax incentive programs, Fargo has attracted high-quality development, revitalized key areas and expanded the community’s tax base – all without asking more from taxpayers. This is an excellent example of public investment unlocking private growth,” stated City Commissioner Dave Piepkorn, a member of Fargo’s Economic Development Incentives Committee.
The City of Fargo continues to monitor active incentive agreements and evaluate new proposals through its Economic Development Incentives Committee. For more information on Fargo’s tax incentive programs and development strategies, visit FargoND.gov/EDIC.