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The Minot City Council approved the creation of a tax increment financing district as part of the Blu on Broadway project that will construct a five-story mixed-use building on south Broadway.
Blu on Broadway is located on the site of the former Northern Bottling plant on south Broadway. The developer, EPIC Companies, plans to build one level of commercial space with 42 units of low-to-moderate income housing units on the upper floors. The housing would be adhere to LMI guidelines for 20 years.
The project is a mix of private and other funding sources. There is $5 million in private money, in addition to $4 million of National Disaster Resilience funds and an interest buydown through the Bank of North Dakota.
The TIF district will give the developer a five-year tax abatement on site improvements, which will be used to cover the entire cost of rebuilding First Street Southwest between 16th and 17th avenues. The current alley will be reconstructed into a street built to City of Minot standards, at an approximate cost of $700,000, which will be paid up front by the developer.
A developer’s agreement will allow the developer to recoup some of the cost, with the five-year abatement estimated to save the developer $420,000, but the developer cannot recover more funds than it spends on the street improvements. Once the five-year abatement ends, the estimated taxes on the property will be approximately $82,000 annually.
The project is anticipated to begin this year, and be completed in the fall of 2021.