NORTH MANKATO, Minn. (KEYC) - The Port Authority of North Mankato is a branch of North Mankato’s city, serving as the economic development arm of the city.
Handling things such as tax increment financing and providing incentive for businesses to enter the community.
The group is made up of city council members and business owners with the goal of maintaining quality of life in North Mankato.
“The taxable value of the property of the buildings that have been built in North Port is, what?" asked Port Authority Chairman Dave Arnold.
“$63 million dollars, so it’s quite a value for the community,” said John Harrenstein, City of North Mankato city administrator.
"Like John said, it may not be on the tax rolls immediately because of the type of financing that we’re providing, but in ten years, or however long it goes, but in ten years, it’s a huge shot in the arm for the city, the school district,” said Arnold.
The Port Authority held their annual meeting July 15, approving bills and the financial report.