Ramstad

(Willmar MN-) The Willmar City Council this week approved a tax break for Suite Liv'n of Willmar for a 9 million dollar apartment building project. Willmar Planning and Development Director Dr. Dave Ramstad says Suite Liv'n is going to build four apartment buildings on property west of Ridgewater College. Ramstad says Willmar, like many cities, have a housing shortage which can hinder future development....

...The tax increment financing district approved for Suite Liv'n will provide them with tax refunds for the next 15 years which will be worth about 2 million dollars to them. Ramstad says they attached a condition to the tax increment financing district that allows the city to withhold their payments if Suite Liv'n does not maintain any of their 700-or-so rental properties in Willmar....

...The city is also considering a tax increment financing district for the Block 25 Lofts being planned on the city block just north of the new downtown Kwik Trip.