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TIF district for apartment complex on New Ulm City Council agenda

February 19, 2013
The Journal

NEW ULM - The New Ulm City Council will meet today at 5 p.m. in the Council Chambers at City Hall.

The Council will consider establishing a Tax Increment Financing (TIF) District to assist Winkelman Building Corporation (WBC) with constructing an apartment comples at 2107 N. Highland Ave. WBC has twice requested, received and let lapse TIF districts for the proposed project since 2004. WBC informed the City it is now ready to start the project, potentially with construction this year.

The complex would feature 24 two-bedroom apartments, five one-bedroom apartments, four three-bedroom apartments and two one-bedroom apartments with a den. WBC said it might add 18 more apartments after the initial project is completed, depending on market conditions.

The TIF district would not exceed 25 years or $450,000 in reimbursements.

The Council will also consider waiving rights of first refusal for 116 feet of property at the north half of Lot 14 at 101 S. Minnesota St.

The property is owned by Dannheim Development, Inc. The City owns land around the site, which was initially purchased for potential re-development into commercial or multi-family residences. Because there has been no interest in the redevelopment, the City is considering putting a gravel parking lot and a storage building on the site, which is priced at $95,000.

Also, the Council will consider allowing the use of City Community Development Block Grant funds to provide down payment assistance for the Economic Development Authority Milford Heights housing project.

The proposal was brought forward because many of the state and federal financing tools for potential home buyers at Milford Heights have dried up. The proposal is suggested because there are not currently any projects pending for the grant, and because the money would go towards its intended use for low and moderate income families.

The Council will also give a second, final reading of two new ordinances. One will add a Council member to the Park and Recreation Commission. The other will regulate the City's procedure for background checks.

 
 

 

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