WILLMAR — The city of Willmar will be implementing a new tool to provide affordable housing if the proposed tax increment financing agreement with Trident Development for the Waterview Senior Housing development is approved by the Willmar City Council. The Willmar Planning Commission on July 3 passed a motion to recommend that the council approve the tax increment financing agreement between the city and Trident for the development, which will be located at 2001 Ninth St. S.
E. A public hearing will take place during the council meeting on Monday, July 15, for the agreement. The meeting takes place at 6:30 p.
m. in the boardroom of the Kandiyohi County Health and Human Services building, 2200 23rd St. N.
E. “I want to extend my gratitude, thank you to the Planning Commission for their support and vote on this matter. It's very critical for us,” said Roger Fink, senior vice president of Trident Development.
Willmar Planning and Development Director Christopher Corbett explained to the Planning Commission that a state statute allows the city to collect a portion of the additional property tax revenue generated by the new development to be used for other housing initiatives throughout the city. Tax increment financing is a tool that communities use to capture a portion of the property taxes above the current value that results from a new development or redevelopment project. That portion of the taxes may be used toward development costs.
In this case, the city would retain 20.