The Free Press, Mankato, MN

October 30, 2012

North Mankato Port Authority increases subsidy for proposed Marigold site project

By Dan Linehan

NORTH MANKATO — The North Mankato Port Authority voted 6-1 Tuesday morning to expand the size of a tax subsidy to developers of the Marigold property.

The subsidy allows the developer to use money that would have been paid in taxes to instead be spent on the 108-unit apartment complex on Belgrade Avenue. The tax money would pay off an old $1.2 million loan for previous work at the site and assist developer Van Moody in building the downtown complex.

Three people testified on the proposal; two against and one in favor.

Commission President Bob Knutson said the project will not be risky for the city. He also said downtown projects require tax subsidies to be viable.

Commissioner Greg Abbott voted against the proposal.

This story will be updated.