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Commission Minutes—June 19, 2023 5729 <br />6. PUBLIC COMMENT <br />Mr. Peterson asked for public comment and hearing none, moved on to the regular agenda items. <br />7. RESOLUTION #2023-08, Public hearing/approve issuance of MIDA Bonds by the City of <br />Frontier on behalf of YMCA of Cass and Clay Counties <br />Attorney Jim Stewart was present to discuss a proposal from the City of Frontier to issue revenue <br />bonds under the Municipal Industrial Development Act (MIDA). The proceeds from these bonds will <br />be used to finance the construction and equipping of a new childcare facility located at 5107 30'h <br />Avenue South in Fargo and pay the costs of issuing the bonds. The project will be owned and <br />operated by the YMCA of Cass and Clay Counties, a North Dakota nonprofit corporation. The <br />amount of the proposed bonds issued will not exceed $7,200,000. <br />Chairman Peterson opened the public hearing for comments on the Issuance of MIDA Bonds by the <br />City of Frontier on behalf of the YMCA of Cass and Clay Counties and hearing none, Mr. Peterson <br />closed the public hearing. <br />MOTION, passed <br />Mrs. Scherling moved and Mr. Grindberg seconded to adopt resolution #2023- <br />08, Resolution approving the Issuance of Bonds by the City of Frontier, North <br />Dakota, on behalf of YMCA of Cass and Clay Counties under the Municipal <br />Industrial Development Act and authorize the execution of the <br />Intergovernmental Agreement. On roll call vote, the motion carried <br />unanimously. <br />8. FARGO TAX INCREMENT FINANCING FOR KILBOURNE GROUP NP AVENUE PROJECT, <br />County to participate in incentive <br />Fargo Director of Strategic Planning and Research, Jim Gilmour, provided information from the City <br />of Fargo regarding an application for up to $1.85 million of Tax Increment Financing (TIF) for <br />redevelopment of a property located on the 600 Block of NP Avenue. The project will be a 168 unit <br />apartment building, commercial area, a community theater, and a city parking garage. The TIF costs <br />include demolition, soil correction and remediation, public works improvements, land <br />acquisition/write down, and administration costs. <br />Mr. Gilmour was present and said the project will have combined ownership between the City of <br />Fargo, Kilbourne Group, and Fargo Community Theater. He said the City will fund the parking <br />garage which will have 450 spaces and cost $20 million. He said the Fargo Moorhead Community <br />Theater will construct a 30,000 square foot theater with 400 seats. He said he believes this <br />development will lead to further development in the immediate area. Mr. Gilmour said the City of <br />Fargo Commission has approved the 5-year Renaissance Zone funding and 5-year TIF. He said the <br />City's financial advisor has reviewed the project and believes it would not be feasible without the <br />incentives. <br />Mr. Peterson asked what the total project cost is. Mr. Gilmour said the total project cost is <br />approximately $60 million. Mr. Grindberg asked if the boundaries of the TIF are the boundaries of <br />the project site. Mr. Gilmour said the TIF area covers approximately 3 blocks. <br />Kilbourne Group President, Mike Allmendinger was present and said Kilbourne Group has been <br />working on this project for over four years. He said the project site has been a parking lot since the <br />previous building was torn down in the 1950s. Mr. Allmendinger said the improvements are needed <br />as parking is a critical need for further development in this district. <br />Mr. Grindberg asked if there will be another incentive request from the City of Fargo for the parking <br />garage portion of the project. Mr. Allmendinger said the request today is for the development of <br />Kilbourne's mixed-use development and the community theater. Mr. Gilmour said the City of Fargo <br />will come back with a separate request for the parking garage. <br />I