City council to talk tax financing

Published 6:41 pm Saturday, October 17, 2015

With the Oak Park Mall deal appearing primed to move forward, the Austin City Council is set to discuss tax financing for redevelopment efforts at its 5:30 p.m. Monday meeting in the City Council Chambers at City Hall, 500 Fourth Ave. NE.

The city of Austin, Austin Port Authority, and Austin Housing and Redevelopment Authroity have all pooled funds together for the roughly  $1.6 million of costs related to the city’s tax increment involvement with the Oak Park Mall redevelopment.

Leaders also expect an additional $375,000 from a state grant for the project.

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To date, the port authority and city each contributed $750,000 to the project and the Austin HRA contributed $50,000 for a total of about $1.5 of the needed $1.6 million.

Finance Director Tom Dankert is requesting the remaining $75,000 be transferred from the city’s building fund. The additional $125,000 — $50,000 from the HRA and $75,000 from the city — is only needed because the state grant came in at $375,000 instead of the $500,000 city officials requested.

In other business, the council will hear an update from the Coalition of Greater Minnesota Cities.