The Pine City Council approved a tax abatement request for the Lakeside Center redevelopment project at last week’s meeting.
The city’s contribution to the abatement is for $343 thousand over 15 years. It includes a 5-year lookback provision to review the project’s performance and returns on investment.
The former Lakeside Nursing Home is being redeveloped into 82 units of student housing for Pine Technical and Community College.
A child care center, recreation center, and Pine Tech student services will be housed in the former Lakeside Medical Center building.
Pine County is expected to contribute an additional $269 thousand towards the abatement. The agreement will be considered at the board’s meeting on July 2.
