(Grand Forks Public Schools image)
(KNOX) – The Grand Forks School Board turned down a tax incentive for major apartment development, but is open to talks.
The Reserve, a proposed $38 million, 155-unit development on South 17th Street in Grand Forks is seeking a Payment in Lieu of Taxes incentive, a PILOT.
Under the PILOT, the development would receive a 15-year tax incentive of 90% for the first five years, 80% for years six through 10 and 50% for years 11 through 15.
All incentives over five years must be approved by the Grand Forks City Council, School Board and the Grand Forks County Commission.
The city council approved the PILOT in June. The county commission put a decision on hold.
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