Bloom Riverfront Among Four Major Projects on DMC Board Agenda
Rochester, MN (KROC-AM NEWS) - The Rochester Destination Medical Center Corporation Board has a full agenda for its meeting tomorrow morning. The board will be asked to approve the granting of DMC public infrastructure project status to four major projects planned in downtown Rochester, including the massive Bloom Waterfront development along the Zumbro River near the Government Center.
What could be the largest development project in the city’s history includes what would be the largest ever public assistance package. The plan being presented to the DMC Corporation Board calls for just over $18-million in Tax Increment Financing. The City Council could be asked next week to take action on resolutions concerning the proposal, but city officials say the final development agreement is still in process. The developer earlier indicated it hoped to begin work at the site before the end of the year.
The 3 other projects on the agenda are the renovation of the Holiday Inn Downtown, the new Hyatt House Hotel at the site of the current American Legion Club, and upgrades and renovations to the Wells Fargo Bank building now owned by the Ryan Companies. City officials say that project involves reworking the façade of the building and constructing a new entryway off the Peace Plaza that would offer improved access to the Skyway level. The Wells Fargo project calls for up to $2.4 million in TIF financing, while the new Hyatt House Hotel project includes $3.9 million in tax increment financing and the Holiday Inn proposal includes $2.9 million in public assistance through TIF.
In conjunction with the DMC Corporation meeting, Mortenson Construction is scheduled to hold an event at the new Discovery Square facility tomorrow afternoon to celebrate the placement of the top steel beam in the new building under construction along the south side of 4th Street Southwest. It will also mark the halfway point in the construction of the $35 million facility that is scheduled to open next year.
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