The TIF district would facilitate industrial development | Rosemount
Logistics installation in the Rosemount business park
Rosemount City Council on Tuesday established a new tax increase financing plan to help facilitate new industrial development.
Seefried Industrial Properties plans to develop a 417,600 square foot logistics distribution facility on a 63-acre site at 1585 Boulder Court in Rosemount Business Park.
The development could significantly increase truck traffic on County Road 42.
Eric Van Oss, director of economic development, said as part of the city’s approval, the Boulder Trail would need to be extended to access Highway 3, which could facilitate future development.
“Due to the additional cost, the city would like to use TIF to help reduce the cost of the road and the expense associated with the right-of-way,” said Van Oss.
Rebecca Kurtz with financial consultant Ehlers and Associates said that TIF gives the city the ability to use the increase in the new taxes, direct it towards road construction and reimburse the developer for the acquisition of the grip.
The vote approved the creation of the district.
The city plans to continue negotiations with the developer, who is working on land acquisition, environmental assessment and site planning issues.
The maximum amount the district could raise is approximately $ 3.3 million.
The full obligation will rest with Rosemount City Council in the future, Kurtz said.
“This is the setting up of the framework,” said Mayor Bill Droste. “The action will continue if we have a development agreement.”