Oct 22, 2013 at 4:15 am
ST. CLOUD, Minn. (KNSI) The St. Cloud City Council has approved a tax increment financing plan for the former Granite Bowl site.
A development group wants to tear down the building at 1740 Saint Germain and build a 17,000 square foot office building.
Tax increment financing allows the developer to capture increased tax revenue from the property, which is meant to offset redevelopment costs.
The Granite Bowl building is expected to be demolished this fall, with construction on the office building starting next spring.
The Minnesota Department of Employment and Economic Development awareded a nearly $100,000 grant for the project last week.
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