The Free Press, Mankato, MN

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April 30, 2013

Public hearing set for Marigold development subsidy

MANKATO —  A request to grant a tax subsidy to the developers of the Marigold apartment project goes to a public hearing next month.

The North Mankato Port Authority Commission voted Tuesday to set a hearing for 7 p.m. June 11.

The subsidy is called tax-increment financing. Under TIF, local governments calculate the additional property taxes that would be generated if a development project is constructed and then use those taxes to help cover the cost of the project.

The financial documents for the plan, which modifies an existing district, are expected to be available by June 1.

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