GF council reviews latest plans for Olive Ann

A public hearing is planned next month with the city council on the proposed Olive Ann project in downtown Grand Forks.   Members received an updated on PILOT tax incentive plan for the boutique hotel last night (Monday).  The plan was tweaked after some school board members questioned the delayed payment in taxes.

After a five year Ren-Zone credit on the Edgewood building the city was asking other taxing entities to support an additional ten-year tax break on the hotel portion of the project – with the final five at 80%.  Under the revised formula developers would be subject to a 10% tax during those middle five years.

Council President Dana Sande reacted to the school board’s concerns.  “I fund it mindboggling that the 10% increment which is $6,900 is what’s potentially keeping a $30 million dollar investment from going downtown.”

The school board will take up the latest taxing plan next Monday night.