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Public Hearing: Eden / Willson Tax Increment Financing (TIF) District .
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On November 3, 2021 the Edina City Council approved the creation of a new Tax Increment Financing (TIF) District to support a combination of public and private improvements near the intersections of Eden Avenue and Willson Road.
Reuter Walton https://www.reuterwaltondevelopment.com/, a Twin Cities based real estate developer has secured preliminary zoning approvals to raze the existing restaurant at 4917 Eden Ave and reconstruct the site with new housing with commercial space on a portion of the street level. Most apartments will be leased at market rates. Ten percent of the apartments will be leased at reduced rates to households of moderate incomes. A portion of the site will be left unbuilt to accommodate a future roadway or other public improvement adjacent to Highway 100.
The City has reviewed the developer’s financial pro forma and confirmed a financial gap exists. TIF monies could be pledged to fill this financial gap and allow the project to proceed.
This new TIF District could also provide funding for several public improvements to the surrounding roadway networks that serve the site and the community. Pedestrian, bicyclist and vehicle improvements are conceived for several roadways east of Highway 100 – including Eden, Willson, Grange & 50th Street. These types of improvements were deemed vital to the area as the zoning proposal was considered by the Planning Commission and City Council.
The proposed TIF Plan describes the financing strategy. Maps of the proposed district boundaries and the conceptual roadway improvements are also available.
Input has been solicited from Hennepin County, Edina Public Schools and other stakeholders as the TIF Plan was prepared. A Public Hearing will be held to collect additional input prior to the City Council’s decision whether or not to establish the new District.
On November 3, 2021 the Edina City Council approved the creation of a new Tax Increment Financing (TIF) District to support a combination of public and private improvements near the intersections of Eden Avenue and Willson Road.
Reuter Walton https://www.reuterwaltondevelopment.com/, a Twin Cities based real estate developer has secured preliminary zoning approvals to raze the existing restaurant at 4917 Eden Ave and reconstruct the site with new housing with commercial space on a portion of the street level. Most apartments will be leased at market rates. Ten percent of the apartments will be leased at reduced rates to households of moderate incomes. A portion of the site will be left unbuilt to accommodate a future roadway or other public improvement adjacent to Highway 100.
The City has reviewed the developer’s financial pro forma and confirmed a financial gap exists. TIF monies could be pledged to fill this financial gap and allow the project to proceed.
This new TIF District could also provide funding for several public improvements to the surrounding roadway networks that serve the site and the community. Pedestrian, bicyclist and vehicle improvements are conceived for several roadways east of Highway 100 – including Eden, Willson, Grange & 50th Street. These types of improvements were deemed vital to the area as the zoning proposal was considered by the Planning Commission and City Council.
The proposed TIF Plan describes the financing strategy. Maps of the proposed district boundaries and the conceptual roadway improvements are also available.
Input has been solicited from Hennepin County, Edina Public Schools and other stakeholders as the TIF Plan was prepared. A Public Hearing will be held to collect additional input prior to the City Council’s decision whether or not to establish the new District.
