History Made at Rice County Commissioners Meeting
Deanna Kuennen, Faribault Community and Economic Development Director told the Rice County Board of Commissioners this week she was making a historical request for two TIF (Tax Increment Financing) Plan approvals.
Tax Increment Financing District 17 includes four parcels of land and adjacent roads and internal rights-of-way. The original estimated tax capacity according to documentation from the city is $5,199 with the project estimated tax capacity upon completion being $161,230.
Kuennen added in order to have the TIF Districts established lawmakers are requiring proof of a vacancy rate below 3.2 percent.
She said Faribault is not alone in having a low vacancy rate for all types of housing.
The Faribault official said they were working with two developers for apartments to be added in the city.
The other proposed TIF Plan for District 18 Willow Street Apartments. Documentation from the City of Faribault states the original tax capacity is $1,850 with the estimated tax capacity upon completion $402,388.
County Commissioner Galen Malecha of Northfield voiced his support.
The County Board unanimously approved the idea of creating TIF Districts 17 and 18 in the City of Faribault.
Letters of support for the workforce housing were included from Trystar, Faribault Foods and Jennie-O Turkey Store plants in Faribault.
One of the requirements is approval by the Rice County Board of Commissioners and in this case the Faribault Public School District.
This makes the cold in winter worthwhile don't you think?
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Faribault has experienced some changes in the last decade.
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