FARGO (KFGO) – The first step has been taken in the proposed redevelopment of the former Kmart location on University Drive S.
The City Commission approved a request to submit a tax increment financing application to the city financial advisor to determine if the $35-million project would be a go. The estimated TIF would be about $2.5-million.
The plan includes demolition of the vacant store and Burger King on the nearly 12-acre site. GFI Dakota Development, the property owner, and Enclave Development want to construct 170 apartments along with commercial buildings, including a grocery store.
Enclave is also proposing payment in lieu of tax breaks known as a PILOT to include 34 affordable apartment units. Kmart has been closed for more than a year.
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