With a few tweaks to the project and some changes in the taxing formula a committee of the Grand Forks school board is ready to recommend the full group support incentives for the downtown Olive Ann boutique hotel project.
Under the original funding formula improvements to the Edgewood building would qualify for a five year Ren-Zone tax credit. The city was asking other taxing entities to support an additional ten-year tax break – with the final five at 80%. Under the revised formula developers would be subject to a 10% tax during those middle five years.
Going into the process the cost of the project was pegged at around $25.6 million dollars.
—-
The Grand Forks County Commission is scheduled to take up the tax requests for Olive Ann and the Fufeng Group at their next meeting. One commissioner on Tuesday urged colleagues to watch Monday’s city council meeting because it was the first time residents near the proposed Fufeng project site had an opportunity to speak – adding a lot can be learned from the opinions expressed.