Laserfiche WebLink
• Would this project qualify for TIF? No, a hotel would not qualify. Economic development TIF districts can be <br />established for manufacturing, warehousing, and distribution, with some exceptions that don't apply to your <br />situation. <br />• If so, under what TIF category? TIF is not an option to provide financial assistance for this project as <br />described. The city could consider a city tax abatement. The city has the authority to abate city taxes for a <br />period of up to 15 years, and 20 years with some additional process steps. The county and school district each <br />have their own separate authority to consider tax abatement. <br />• What are the basic requirements of that category (e.g., minimum # of jobs, etc.) Tax Abatement is flexible in its <br />requirements. However, depending on the amount of tax abatement assistance provided the assistance may be <br />a "business subsidy" under state law. If so, the city's business subsidy policy would determine minimum <br />jobs/wages. <br />• About how much TIF could this project generate at a maximum? We may not offer that much but would like to <br />know what's possible. I could provide you with a preliminary estimate for tax abatement. I would need to know <br />the parcel(s) where the project will be located and the estimated construction cost of the hotel and # of hotel <br />units and proposed amenities or point me to a similar product (hotel) in another city. <br />Thanks <br />Mark Statz, PE <br />City Administrator/Engineer <br />City of Centerville <br />1880 Main St. <br />Centerville, MN 55038 <br />O: 651-429-3232 <br />D:651-792-7931 <br />C: 651-775-5126 <br />mstatz(a-)centervillemn.com <br />www.centervillemn.com <br />@centervillemn <br />Northland Securities does not accept buy, sell, or cancel orders by email, or any instructions by email that would require your signature. Any cellular number <br />provided in this message is for voice communications only. Text/SMS/Messaging with your Northland Representative is not permitted for any business -related <br />purpose. Please use the links below for important disclosures regarding electronic communications with Northland Securities and its related companies. <br />EMail Disclaimer I Unsubscribe I Firm Information <br />Member FINRA, MSRB, and SIPC <br />www.northlandsecurities.com <br />