Grand Forks Economy

[SIOUXFAN97]

how many other parcels does the "school board" own?

[TheFlop]

5 hours ago, gfhockey said:

I thought thread was going to be the next Big start up? Wonder what happened all the Grand Forks CEDC guys were always whining and dining Josh.

Time for Pete to get the old food truck fired up again?  

[SIOUXFAN97]

7 minutes ago, TheFlop said:

Time for Pete to get the old food truck fired up again?  

didn't he "give" it away?

[BIGSIOUX]

3 hours ago, SIOUXFAN97 said:

how many other parcels does the "school board" own?

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.

 

 

[SIOUXFAN97]

40 minutes ago, BIGSIOUX said:

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.

 

 

yes, i'm stupid and confused...guilty as charged....i thought "schools" were just straight up funded by property taxes....gf county schools needs x million this year....x million is raised thru property tax thru the county assessment....

did not know that that the "school district" or "school board" was in the real estate business...nor should they imo

[jdub27]

7 minutes ago, SIOUXFAN97 said:

did not know that that the "school district" or "school board" was in the real estate business...nor should they imo

They aren't but they are one of the 3 taxing entities.
So if developers are going to apply for tax incentive programs, all 3 taxing entities who would be foregoing funds need to approve those incentives.
This process has happened with all of the large developments that have applied for incentives.

[gfhockey]

Did Pete work for thread?

[TheFlop]

27 minutes ago, gfhockey said:

Did Pete work for thread?

Appears so. 

Will be interesting to see how much loan money wont be getting paid back to various entities.