PINE RIVER -- The Pine River City Council Tuesday night postponed an advertised public hearing on possible tax-increment financing for Pine River State Bank.
The planned new bank building will be the first construction into the Barclay West development area on former Durkee Manufacturing property. Developers requested the delay.
Mayor Robert Fladung said the proposed tax-increment financing district would enable developers to install utilities under the proposed County Road 2 extension through Barclay West to Highway 371 at Barclay Avenue before the county paves that extension.
The TIF proposal calls for a nine- or 11-year TIF term.
Also being studied by the development group, according to city officials, is possible use of a new state law allowing cities, counties, towns and school districts to abate property taxes for a development district.
According to Chief Deputy County Auditor Larry Wolf, contacted by phone last week, no one has utilized that new state law in Cass County to date.
It enables, after public hearings, local governments to defer property taxes on improvements.
Brainerd Dispatch ©2013. All Rights Reserved.