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10/22/2009
THE FAIRMONT ECONOMIC DEVELOPMENT AUTHORITY HAS GIVEN ITS APPROVAL TO AN ADDENDUM TO THE ASSESSMENT AGREEMENT IT HAS WITH THE FIVE LAKES CENTRE MALL(OWNED BY DIAL PROPERTIES) AND THE MARTIN COUNTY ASSESSOR THAT WAS FIRST EXECUTED IN 1995. THE AGREEMENT WAS PART OF A TAX INCREMENT BOND WORTH ONE MILLION DOLLARS. THE ADDENDUM READS THAT FIVE LAKES(DIAL PROPERTIES) AGREE THAT THE MINIMUM PROPERTY VALUE SUBJECT TO THE ASSESSMENT AGREEMENT SHALL NOT BE LESS THAN 4.2 MILLION DOLLARS. THE OUTLOT IN THE PROCESS OF BEING PURCHASED BY FAMILY VIDEO SHALL BE ALLOWED TO PROTEST TAXES AS PROVIDED UNDER MINNESOTA STATUTES AND COUNTY LAWS PROVIDED THAT THE TOTAL PROPERTY VALUE OF FIVE LAKES CENTRE DOES NOT DROP BELOW 4.2 MILLION. THE TAX INCREMENT FINANCING ON THE PROPERTY EXPIRES NEXT YEAR.
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ROD HALVORSEN
© 2009 KSUM.
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