Politics & Government
St. Michael City Council Approves Tax Increment Finance District at New Kwik Trip
The council unanimously approved extending the current TIF District that encompasses Super America and the former Cinemagic location.
The St. Michael City Council approved a new Tax Incremement Finance District within the city limits Monday night, allowing the city to collect funds to pay for a traffic signal at the entrance to the new St. Michael Station.
The district is an extention of TIF District 2-1, which includes the southeast Super America and former Cinemagic movie theater location.
The district would last eight years, according to Marc Weigle, St. Michael Community Development Director. It could collect about $322,000 annually, if real estate values increase according to estimates with the addition of Kwik Trip and two possible restaurant sites.
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TIF, in theory, is used to collect taxes now on future gains for a property tabbed for development. The money must be used for public improvements within the district. Those improvements, by definition, must also help increase the value of the property.
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