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The Economic Development Authority unanimously approved a tax-increment-financing proposal and development agreement for Riverchase II Apartments, involving approximately 76 apartments and $725,000 over nine years at 6.5%. Members also approved a downtown improvement loan, payment of FaribaultMill-related legal expenses, and up to $15,000 for an economic analysis.
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The Riverchase II approvals support a proposed apartment project costing about $13.4 million, with the financing structured as a pay-as-you-go note. The board also authorized an economic study through University of Minnesota Extension to help assess Faribault’s economy. No action was taken on the Chamber service agreement, housing study overview, or strategic planning discussion.
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