The Worthington City Council will consider the adoption of a commercial and industrial tax abatement program during Monday’s meeting.
The program, as proposed, will provide abatement of the city’s share of property taxes for five years, with the city abating 20% less each year. The sliding scale, five-year abatement would allow 100% of captured tax capacity to be abated the first year, 80% the second year, 60% the third year and so on. Each application under the program will require that an application be made to the city, a public hearing be held, and a development agreement be made between the city and the applicant/business/developer.
In another matter, the council will consider a request for the city to complete a Workforce Housing Development Program Grant application on behalf of a planned Southwest Minnesota Housing Partnership project. This market rate residential rental project would be developed at a city-owned 1.79-acre parcel located at the southeast intersection of Grand Avenue and Darling Drive, just south of the New Grand movie theater. Workforce Housing Development Program funds shall not exceed 50 percent of the total development costs, and at least $1 of local matching funds for every $2 of program funding is required.
The Southwest Minnesota Housing Partnership’s project consists of 10 market rate rental twin homes with attached garages for a total of 20 new residential units. Each unit is two levels with two-bedrooms and one and a half bath.
Prior to Monday’s council meeting, the Worthington Economic Development Authority will hear an informational item pertaining to an offer from NTRA Properties, LLC to acquire Lot 1 Block 1 and Lot 1 Block 2 in the Worthington Bio Science Industrial Park Third Addition from the city to construct a 26,000-square-foot showroom, sales and repair facility to permanently house the company’s local operations.
