MINOT, N.D. – City and county leaders met in a special session between Minot and Ward County to discuss Tax Increment Financing, or TIF, for the M Building.

The county called for the joint session to find out more information and possibly negotiate on the agreement.

“Hear it again, learn more, ask more questions, and hope. We’ll just have to see where it goes from there,” said Commissioner Shelly Weppler.

The County denied the TIF at a recent meeting. If the county’s decision stands it could stop the renovation of the M building in Minot. Commissioners said they weren’t comfortable with using tax breaks to pay for the development, rather than private investment.

”What I don’t like to see is, and I don’t use the word lightly, is people that aren’t willing to pay their fair share of taxes,” said Commissioner John Pietsch.

Currently, the property brings in more than $9,000 in taxes. Under the TIF, the taxing entities are still receiving 10% of the taxes paid, while 90% gets earmarked for a few specific items in the construction.

”The 10% going to the taxing entities would effectively triple what you’re getting right now. Take it from $9,300 to over $30,000 is what our model is showing,” said EPIC Companies.

City leaders are waiting for a third party to look over the financial information from EPIC companies before finalizing a decision. County officials said they’d hold off on further action until that information comes back.

Staff said they should have that information back any day.

The Minot school district already approved the TIF.

Copyright 2022 KFYR. All rights reserved.

Source Google News – Read the original article

Speed bump for the M building project – KFYR

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