Developers of an industrial project are asking the Grand Forks City Council for tax breaks to help incentivize construction of a $12 to $13 million dollar building. The 100,000 square foot complex would sit on ten acres of land at 4425 36th Avenue South – just off I-29.
Enclave Companies would construct and maintain ownership of The Exchange with the intent of leasing the space to three or four tenants. On the table is a five-year 100% tax exemption.
Council President Dana Sande floated a different plan with the same financial goal. “I would prefer to see us do a 10 year at 50% rather than 5 at 100%. At least we would collect 50% right away so we can start getting money t the other taxing entities.”
A public hearing on the PILOT request is set for May 15th.
Pic: GF staff report
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