Public hearing to discuss TIF for new business
by Trinity Gruenberg
The Verndale City Council held a public hearing on August 17 to discuss the Tax Increment Financing District Plan (TIF District No. 1-4) for Brian Hagen.
Hagen plans to build a restaurant business at an estimated cost of $1.1 billion and requested $70,000 for the TIF.
Jason Murray with David Drown Associates explained there are two parts to the plan. A modification of the municipal development district which sets the goals for the city as far as its use of TIF and where it can be set up.
The TIF plan lays out the district. The TIF district would capture the current value of the property and any new value-added.
The district is one parcel. Some of the requirements of the district include staying under 15,000 square feet with job and wage components.
There is a budget of $1 million which allows the capacity for growth and allows the city to support Hagen over the next nine years. . . .