Suite Liv’n agrees to property maintenance agreement with Willmar in exchange for tax increment financing

Suite Liv’n agrees to property maintenance agreement with Willmar in exchange for tax increment financing

July 13, 2021

Suite Liv’n agrees to property maintenance agreement with Willmar in exchange for tax increment financing

WILLMAR — Suite Liv’n, a rental developer and management company, currently has approximately 700 units in Willmar, and the company hopes to add at least another 72 with four new apartment buildings near Ridgewater College.

To make the project financially feasible for Suite Liv’n, it is requesting a 15-year tax-increment financing district for the project from the city, which, if approved, would provide the company nearly $1.5 million total in returned taxes. However, to receive that tax payback, Suite Liv’n will have to adhere to a property management plan. The agreement covers things such as snow removal and responsiveness to outstanding and recurrent issues such as garbage complaints.

“The developer must comply with all the conditions in that property maintenance agreement for all of their properties across Willmar or the payments will be withheld,” said David Ramstad, Willmar planning and development director, at the July 6 Willmar City Council meeting. “That gives us considerable leverage.”

Read the full story by the West Central Tribune.