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.
View Humboldt Industrial Park Redevelopment Plan
View Humboldt Industrial Park Tax Increment Financing Plan
| 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 |
January 2006
Last updated Aug. 15, 2012