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The Planning Commission approved Resolution 2026-01 by a 6-0 vote, modifying Tax Increment Development District No. 1 and establishing District No. 21. The public hearing on the Faribault Townhomes project at 924 1st St NE was continued to the next meeting.
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The approved resolution changes the city’s tax increment financing districts to align them with the comprehensive plan, according to staff. Tax increment financing uses future increases in property-tax revenue within a designated area to support development-related costs. The townhomes project, including proposed plats, a conditional use permit, and variances, was not decided at this meeting.
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