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Tax Increment Financing (TIF) & Economic Development Tax Abatement

GREDA and the City of Grand Rapids have utilized and are willing to consider additional use of the TIF public development financing tool to overcome financial barriers that would have precluded private investment in projects that meet public purposes or objectives such as:

    • Redevelop areas occupied with substandard buildings
    • Build housing for low-income and moderate-income families
    • Clean up pollution
    • Provide general economic development incentives
    • Finance public infrastructure, such as streets, sewer, water, sidewalks, and similar improvements

old block 37 rear facades

Block 37 (Downtown Grand Rapids- pre-project)

   

block37 sept-2011

Block 37 TIF Project

 

GREDA staff is available to confidentially discuss your project to determine if it may qualify for one of the following types of TIF districts permitted by Minnesota statutes:

TIF District Type

Duration Limit (after receipt of first increment)

Geographic Areas That Quality

Permitted Uses of Increments

Compact Development 25 years

- 70% occupied by buildings
- planned development increases the square footage of C/I buildings by three times or more

- Land acquisition and site preparation
- Public infrastructure except roads, parking, or similar to service passenger vehicles

Economic Development 8 years

No restrictions

- Manufacturing
- Warehousing
- R&D facilities
- Telemarketing
- Tourism in qualifying counties
- Commercial developments in small cities

Housing 25 years

No restrictions

Housing for low- or moderate-income renters or homeowners

Hazardous Substance Subdistricts 25 years

Parcels in a TIF district containing polluted sites and contiguous parcels

Site acquisition and cleanup

Redevelopment 25 years

- 70% occupied by buildings, 50% of which are substandard or
- certain rail-yards
- tank facilities

Correction of conditions justifying creating district

Renewal and Renovation 15 years

70% occupied by buildings, 20% of which are substandard and another 30% require renovation

Correction of conditions justifying creating district

Soils Condition 20 years

Site contains pollution and cost of cleanup exceeds lesser of $2/sq. ft. or the fair market value of the land

Site acquisition and cleanup

 

 

oakwood2

Oakwood Terrace TIF Project

   

crystalestates

Crystal Lake Estates TIF Project


1old hosp.2 web

Grand Plaza TIF Project


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Grand Rapids -
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$258,599

Grand Rapids
This site is situated on a bluff with impressive views of the Mississippi River. Located in the Downtown, the site is in close proximity to shops, restaurants and professional and government services. The site is accessed by a new road
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