NEW ULM – On Tuesday, the New Ulm City Council authorized staff to prepare necessary documents for a Garden Terrace tax abatement program.

The program allows the city to rebate a portion of property taxes back to a property owner to help offset development or redevelopment costs. In the case of Garden Terrace, the tax abatement would assist in the construction of a new apartment building.

Rebound Real Estate is planning to construct a new 39-unit, three-story apartment building on a vacant lot near the two existing Garden Terrace buildings. Upon completion of the new building, Rebound plans to lease the building to Oak Hills Living Center, which operates a senior living facility on an adjacent property.

The tax abatement would assist the developers in covering excessive building costs f

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