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Consent Calendar   4.C.
Resolution accepting Redevelopment Grant and authorizing City Manager to execute Redevelopment Grant Agreement for Bridge Plaza.
Adoption of the attached resolution.
On January 28, 2019, the City Council approved the submission of a redevelopment grant application to the Minnesota Department of Employment and Economic Development (DEED) for 209 North Riverfront Drive (Bridge Plaza). DEED awarded a grant for the project in the amount of $170,850 on April 2, 2019.
Brennan Properties of Minnesota owns the property at 209 North Riverfront Drive, which was formerly occupied by an Embers restaurant. Brennan Properties purchased the property in 2009 and demolished the vacant restaurant building. In order to facilitate a large scale project, Brennan Properties also purchased 118 East Plum Street and 304 North Second Street in 2013, with plans to remove the existing buildings. The development plan for the site includes a five-story mixed use building, including commercial on the lower three levels and residential on the upper two floors, to be located on the former Embers site and surface parking to be located along Plum and Second Street.
Grant funds will be utilized to assist with the infrastructure, demolition and geotechnical soil correction necessary for the construction of the proposed building. The required matching funds of $170,850 will be paid by Brennan Properties of Minnesota.
The grant agreement is attached for reference. If acceptance of the grant is approved by the City Council, the City Manager will execute the grant agreement with DEED.
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