County provides economic development tax abatement for Vergas business FOR IMMEDIATE RELEASE Download this News Release July 7, 2021 – Ot
County provides economic development tax abatement for Vergas business
FOR IMMEDIATE RELEASE
July 7, 2021 – Otter Tail County, MN – The City of Vergas will see new a commercial office building in the downtown area that will be home to a construction company and real estate office thanks in part to Otter Tail County in partnership with the City of Vergas. Summers Holdings LLC was granted an abatement of property taxes from the City and County to offset increased construction costs for a new building on South Railway Avenue east of Vergas Hardware.
The project will be an estimated $340,000 investment into the Vergas community and provide access to these construction and real estate services while expanding the tax base for continued economic development. The plan for the new commercial space is to have a public showroom and offices in half of the building with shipping, receiving, and storage space in the other half of the building. Along with the County, Mike Summers, the owner of Summers Holdings LLC, worked with the City of Vergas, a local bank, and a local building supplier to develop their plans and begin work on the new project.
Mike Summers said, “We are excited about building a new showroom in Vergas to house everything we need for Summers Construction as well as feature our real estate business. We love our town and our county and are thrilled to hopefully add jobs and services for the people here! Thank you for making it easier to invest in our community!”
Bruce Albright, President of the Vergas EDA/HRA and Chairman of the Planning Commission, said, “We’re excited to welcome Mr. Summers as a new business in the City of Vergas. We were pleased to partner with the County on their tax abatement and see this as a great opportunity for the City and future business development.”
Promoting and supporting business development continues to be a priority for Otter Tail County, which is what the tax abatement helps with said Otter Tail County Board Chair Lee Rogness. “Tax abatement is one tool in our toolbox that we can use to incentivize and support businesses as they invest in their growth and expansion. Without the extra support from the County and the City, this opportunity may not have been able to move forward because of the increased construction costs. It is exciting to see this growth for the Vergas community.”
The fundamental purpose of Otter Tail County’s Economic Development Tax Abatement Policy is to encourage desirable development, redevelopment, or public improvements, which clearly demonstrate a need for assistance and a public benefit. If you have a business development idea and are in need of financial support, visit ottertailcountymn.us/economic-development or contact Amy Baldwin at [email protected] for more information on available resources.