FARGO (KFGO-AM) - Fargo City Commissioners have authorized city staff to proceed with a financial analysis of a plan by a Minneapolis development group to turn a blighted former industrial area into a business park.
Hyde Development LLC is seeking nearly $2 million in tax increment financing for 15 acres south of Main avenue and just east of I-29. That's the former Butler Machinery-Gremada Industries site.
Paul Hyde says it's taken a year and a half to find the right site. The $18 million project will include four multi-tenant buildings, totaling 180,000 square feet that will bring more than 300 jobs to the site and will increase the property's tax base by more than $100,000 a year. He says it would "clean up the front door to Fargo."
Hyde Development has done similar developments in Minneapolis and Milwaukee.