Council to consider East River/Unocal TIF Plan modification
View East River/Unocal TIF Modification Plan (pdf, 5 pages, 66 KB)
The Minneapolis City Council will consider a modification to the East River/Unocal Tax Increment Finance (TIF) Plan on Friday, June 29, 2007 following a public hearing at the Community Development Committee on Tuesday, June 19, 2007, 1:30 p.m. in room 317 City Hall. East River Mews is a site at 825 Thorton St. SE in Prospect Park that was once considered a "fuel tank farm" and is now a 53-unit home ownership housing project.
In 2002 the Minneapolis Community Development Agency (the "MCDA") issued $1.5 million in Taxable Tax Increment Revenue Notes for the East River/Unocal Site project . Net note proceeds were used to fund various costs associated with land acquisition, environmental remediation and site improvements. The notes mature in full on Aug. 1, 2007.
Pursuant to the redevelopment contract (as amended) between the MCDA/City and B righton Development Corporation/East River Mews, LLC (the "Developer"), the revenue notes are to be refinanced with tax-exempt tax increment revenue bonds once various conditions have been satisfied by the Developer. The refinancing is scheduled to occur in mid-July 2007 at which time all such conditions will have been satisfied.
Comments and input about the modification are welcome and solicited. If you or your group would like to meet to discuss the modification, or if you have any questions, please do not hesitate to contact us. Questions and comments should be directed to Mark Winkelhake, Senior Development Finance Analyst, (612-673-5105) or via email at mark.winkelhake@minneapolismn.gov.
April 19, 2007
Published Apr. 19, 2007