Agenda: Edina - 72nd & France TIF District - Early Dec. 2024
Edina approves $310 million mixed-use development at 72nd and France
Mixed-Use Redevelopment Project Approval
Site Remediation and Public Benefit Requirements
Full Document Analysis
Votes (1)
Establishment of 72nd and France TIF District and Approval of TIF Redevelopment Agreements
Dissent: None identified in transcript
The city council established a new TIF district and approved redevelopment agreements with Enclave Companies and Lifestyle Communities. The city and Housing and Redevelopment Authority committed up to $23 million in combined TIF and SPARK fund support. Discussion focused on how TIF dollars would be deployed for site-specific costs that create public benefit, including site remediation of the former gravel and sand pit, building relocation, public parking, public spaces, and affordable housing. The speaker emphasized that extensive site preparation costs and public benefit features make the project feasible.
Notable Quotes (3)
what we be using those Tiff dollars for is to reimburse the developer for a lot of those costs that are really unique to the site that create public benefit and make the project possible
it's an 8 Acre Site that used to be gravel and sand pit so there's really no portion of this building other than what's behind us today that's even buildable so there's a lot of site preparation that has to happen that's millions of dollars
the final project has a lot of the public space on the exterior as well as public parking on the interior affordable housing units all those things that deliver public benefit cost a lot of money and that's where the Tiff will be spent
Ordinances & Resolutions (3)
Tax Increment Financing district established to support public improvements and redevelopment of the Macy's site
Agreements between the city, Housing and Redevelopment Authority, and developers (Enclave Companies and Lifestyle Communities) outlining reimbursement terms and public benefit requirements
Special Projects and Redevelopment Capital fund from which grants are allocated to support eligible project costs