Grand Forks Construction Incentives

Grand Forks leaders asked the school board last night (Monday) to support a series of tax breaks to help spur four large construction projects. Developers are seeking financial incentives to renovate the St-John’s Block…Lyons Auto Redevelopment… Memorial Village…and the Beacon. All told the projects total over $100 million dollars.

The financial requests include both up front assistance through bond issuance and property tax exemptions.

Keith Lund of the Grand Forks Economic Development Corporation says a third party review by financial consultants will be key in the vetting process. “Number one is to make sure the incentive request is needed to make the project viable and to make sure the developer is not being enriched by the incentive process.”

School board members are expected to vote on the issue January 25^th. The Grand Forks County Commission will consider the request next week. The city council will hold a public hearing on the plan February 1^st.