The Aberdeen City Council at its regular meeting Monday approved a TIF request or Tax increment financing authored by the Aberdeen Development Corp. for the proposed Roosevelt Industrial Park.
City attorney Ron Wager gave a brief overview of the project…
The ask was for $6.9 million, but in a split vote, $4.1 million was approved after a brief executive session of the Council.
Aberdeen Development Corp. Director Tim Hannigan explained how a TIF works and the Development Corp’s. need for one…
With a TIF a higher property tax from the development is initially used to pay off bonds for allowed infrastructure improvements. Once the bonds are paid off, local governments collect higher property tax totals. Voting for the TIF was councilmember David Novstrop, Chad Nilson, Alan Johnson and Erin Fouberg. Councilwoman Fouberg spoke in favor of the TIF…
Voting against the TIF was councilmembers Charlotte Liebelt, Talmage Ekanger and mayor Aberdeen Schaunaman. Councilman Ekanger called the process frustrating…
Councilman Rich Ward abstained as he works for the Development Corp. and Councilman Rob Ronayne was absent.
