Share on FacebookShare on TwitterShare on LinkedinEmail this link
This proposal was approved 3-1 at City Council on March 22, 2022.
This public hearing requested the establishment of a new 15-year TIF District to support redevelopment of the 5.7 acre commercial site at 7001 France Avenue. The proposed development consists of new housing, new office space and new commercial space. The new buildings are proposed to be constructed along new roadways that follow the recommendations of the Southdale Design Experience Guidelines. The new site plan will deliver new public easements, new public plazas, and new public parking. The developer will incur all financial and construction risk.
TIF is proposed to be pledged to satisfy a gap in the financing. Upon successful completion of the project, TIF Notes are proposed to be issued to the developer. These Notes would be paid only from incremental property taxes collected from the site. The baseline property taxes would continue to be distributed to the County, School District and City.
This proposal was approved 3-1 at City Council on March 22, 2022.
This public hearing requested the establishment of a new 15-year TIF District to support redevelopment of the 5.7 acre commercial site at 7001 France Avenue. The proposed development consists of new housing, new office space and new commercial space. The new buildings are proposed to be constructed along new roadways that follow the recommendations of the Southdale Design Experience Guidelines. The new site plan will deliver new public easements, new public plazas, and new public parking. The developer will incur all financial and construction risk.
TIF is proposed to be pledged to satisfy a gap in the financing. Upon successful completion of the project, TIF Notes are proposed to be issued to the developer. These Notes would be paid only from incremental property taxes collected from the site. The baseline property taxes would continue to be distributed to the County, School District and City.
