They don't own this one.
I'm not sure what you don't understand.
Three main taxing entities in Grand Forks, CITY, COUNTY, SCHOOL DISTRICT.
IF you apply for a TIF or PILOT, (AKA discounted tax valuations for a period of time) the taxing entities have to agree to give it to you. The idea is your not receiving much revenue off the property currently, so agree to continue that low tax valuation rate for an agreed upon amount of time. It saves the developers $$$$. They can recoup their investments, sell to someone else, then they can pay the increase in tax valuation going forward. For the taxing entities, hopefully spurs development of low value property, increasing total tax base.