Category: State Incentives, Grants & Loans, Local Incentives

The City of Red Wing and its Port/Housing Authorities have an adopted TIF Policy to further certain redevelopment, renewal and housing related projects.  The fundamental purpose of using TIF is to support desirable development that would not otherwise occur “but for” the public’s financial TIF assistance.  Public purposes that must be met relate to increasing/retaining jobs, increasing the tax base, meeting specific city development objectives, and enhancing the city’s economic base.  A TIF application fee is $5,000, plus any related costs that may be necessary for further specific analysis (i.e., blight determination or financial projections).  Project costs that may qualify for pay-as-you-go TIF assistance include:

• Land acquisition
• Site improvements
• Public / On-site utilities
• Demolition
• Relocation