Waite Park Considers TIF for Proposed Executive Express Property
WAITE PARK -- Waite Park officials are considering whether or not to allow some tax increment financing (TIF) to help fund the new headquarters for Executive Express.
During a work session Monday night, the council discussed the possibility of providing some TIF funding for the project.
Owner Larry Logeman says he is asking for about $500,000 from the city to help cover some of the renovation costs.
Back in April, the airport shuttle service began negotiations to buy the former S.J. Louis Construction property to house their new headquarters and maintenance center.
Total costs for renovating and purchasing the 15 acre property would be about $3.6-million.
Some of the renovations include a customer lounge, 24-hour transit site, office space, another 15,000 square-foot maintenance facility, outside street lighting, and an 80-stall parking lot.
During the discussion the council talked about a potential TIF agreement between $275,000-$340,000 over a 8-10 year period.
No action was taken on the topic. The agreement would be put up for a vote at a future meeting.
Logeman says if all goes well they would move their employees to the new headquarters by this fall, with the whole project done summer 2018.