The Mitchell City Council on Monday night passed Tax Incremental Financing District #30 for a new development near Lakeview Golf Course proposed by Caleb Koerner of Pro Contracting. It is the Sharpstone Development on North Ohlman, which would consist of 13 affordable housing units.
Property tax revenue from the development will be used to pay back the project costs over 20 years. Eligible project costs for the TIF total just over one million dollars to include site preparation, street, curb and gutter, drainage and other eligible expenses. Mitchell City Attorney Justin Johnson says the city worked with the developer on the costs.
The council approved the TIF unanimously.