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  Consent Calendar   4.H.       
City Council Regular Meeting
Meeting Date: 05/13/2019  

Agenda Item:
Set June 10, 2019, as date of public hearing for modification of development district 36 and establishment of tax increment district 36-2.
Recommendation/Action(s):
Adoption of the attached resolution.
Summary:
The City of Mankato has received a development proposal from Brennan Properties of Minnesota, LLC, (the “Developer”) to redevelop property on the northwest corner of East Main Street and North Second Street with a 68,172 square foot five-story mixed-use (commercial and residential) building at 209 North Riverfront Drive. The redevelopment involves the demolishing the existing warehouse buildings located across Plum Street at 304 North Second Street to create additional surface parking.
 
The proposed building will have tenant space on the first floor, along with an enclosed parking garage with 18 parking stalls and eight storage units. Office users will occupy the second through fourth floors. The fifth floor will consist of six residential units, including two, 1-bedroom units, three, 2-bedroom units, and one, 3-bedroom unit.  
 
The level of private investment associated with the development is approximately $16 million. Construction would begin in June of 2019.
 
On May 13, 2019, the Economic Development Authority recommended adoption of the attached resolution setting June 10, 2019, as the date of public hearing for the modification of the Development District and establishment of the Tax Increment District. The Development District was reviewed by the Planning Commission on April 24, 2019.
 
Attachments
Resolution
Development District
Tax Increment Financing Plan

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