01. Fargo Property Tax Incentive for Roosevelt Family Lofts, LLC

<br /> City of Fargo, North Dakota 711 10th Avenue North “But-for” Report|2 <br />Project <br /> The project being proposed by Roosevelt Family Lofts, LLC (the “Developer”) includes constructing 13 townhome units at 711 10th Avenue North. The townhomes will all be three-bedroom, two-bathroom units. As noted in the previous section, the proposed project is to be an investment property for the Developer. The Developer has stated that the construction will be completed by September 2023 with occupancy <br />immediately following. The Developer has requested PILOT financing assistance in an amount of $233,418 on a present value basis to complete the project. This amount is based on projections of the future tax payments less the projected PILOT payments. Both the estimated tax payments and estimated PILOT payments assume a property value increase of 1.00% per year. This amount assumes five years of 100% exemption, followed by five years of 50% exemption.