GF School Board approves TIF request

The Grand Forks School Board has approved a series of tax breaks for several large construction projects in the city.

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.

Tax revenue generated by the four sites is just over $75,000 a year.  That is projected to grow to nearly $1.6 million once the TIF period ends.

Although the board agrees the projects are good for Grand Forks – some members expressed reservations about the process.

The city council has scheduled a public hearing on the plan for February 1^st.