Humboldt Industrial Park
South of 49th Avenue North between Thomas Avenue North and Osseo Road
Real Estate Recycling (RER), a developer of contaminated real estate, is proposing an industrial park on a 10-acre parcel of land in the northwest corner of the Canadian Pacific Railroad’s Humboldt Yards. The park would include a new 125,000-square-foot, multi-tenant industrial building that RER estimates would generate 190 new jobs.
The site, north of a railroad switching yard, is primarily vacant with a portion of the site paved for a semi-trailer parking lot and CP Rail access road. Canadian Pacific railroad (formerly Soo Line Railroad) has owned the site for more that 93 years.
The site has a history of environmental impacts from numerous sources. Total up-front project costs are estimated at $9.5 million including acquisition, demolition, site preparation, pollution remediation, new construction, public improvements, project administration, and other related activities.
Upon City approval, it is anticipated that up to $500,000 of public redevelopment costs will be financed through the City’s issuance to the developer of a pay-as-you-go Tax Increment Financing (TIF) note.
|Developer:||Real Estate Recycling|
|Estimated total development Cost:||$9.5 million|
|Possible public financing:||Brownfield Remediation Grants of $650,000 from State Department of Employment and Economic Develoment, Metropolitan Council and Hennepin County
$500,000 Tax Increment Financing note ($900,000 with interest)
|Estimated construction start:||April 2006|
|Estimated construction completion:||October 2006|
Last updated Aug. 15, 2012