The Bemidji City Council has some interest in creating a Tax Increment Financing, or TIF, district for a new housing development in the city.
The housing project, “Mountain View Meadows” according to Puddle Duck Properties leader Mitch Rautio, will incorporate both single-family homes and multi-family units with income thresholds.
The development wouldn’t be affordable or subsized housing, but a maximum income for a two-person family would be 91,000, and around 105,000 for a family of three or four for the single-family homes.
A TIF district is one way cities can divert future property tax revenue increases from a defined area to subsidize the costs of development.
Currently, the city has one other active TIF district, the University Heights building near the BSU campus and the Boys and Girls Club of Bemidji Area.
While no formal action was taken during the council meeting, the council will likely need to take some action later this summer for the project to continue moving forward.
