FARGO (KFGO-AM) -- Seven months after developers first approached Fargo about plans for a new industrial park, City Commissioners will take up a recommendation to approve $2.2 million in tax breaks for the project.
Minneapolis-based Hyde development wants to build on a blighted site at the corner of I-29 and Main Ave.
City Planning Director Jim Gilmour says tax increment financing would cover the cost of demolition of five buildings on the 15-acre site, clean up of contaminated soil and for infracture to control run-off. He says structures on the property are now valued at $800,000. He estimates the new industrial park will be worth between $16 million and $18 million and will be paying "significantly" more in property taxes once the 15-year tax incentive ends.
Developer Paul Hyde has called the location of the proposed Butler Industrial Park "at Fargo's front door."
If the tax break gets the okay, construction could start in the spring.