FARGO (KFGO) - Fargo's Renaissance Zone Authority has recommended the city commission approve a tax break application from the developer of the iconic 90-year old Black Building and its neighboring building, Scan Design on downtown Broadway.
If approved, the Renaissance Zone designation will mean $206,000 in property tax exemptions over 5 years and $5,000 in state income tax breaks over the same period.
Doug Burgum's Kilborne Group plans to pump $7.7 million into the project.
City Planner Derrick LaPoint says the rehab will be done in 3 phases, starting on the 5th floor which will be gutted and work from there. He says the renovation will open up closed in area's on the floors, providing space for modern offices. LaPoint says there are fewer than 100 people working in the building. Once renovations are completed, that number is expected be anywhere from 300 to 500 employees.
The city has already okayed a PILOT tax break and the developer is also working with the state historical society on some tax breaks for the Black Building.