City Council OKs Tax Relief For AEESThe city council has granted a five-year property tax exemption for AE2S.
By: Joel Porter, WDAZ
A Grand Forks engineering firm will receive a five year break on property taxes for a new corporate headquarters.
Advanced Engineering and Environmental Services is building a new headquarters on a site near 42nd Street in Grand Forks.
Tonight, council members voted to give the firm a break on their property tax rate over the next five years.
They say the savings will allow the firm to hire additional employees and finish their expansion.
"this is a headquarters business, which means money is coming into Grand Forks from their activities, rather than going out," council member Eliot Glassheim said.
The firm's tax exemption will decrease at a step-down rate over the five years.
The city has just under three and a half years to grant further tax exemptions to new and expanding businesses as part of the stimulus plan.