Developer Seeks $3.9 Million in TIF to Reduce Rents in Planned Lowertown Apartments

Developer seeks $3.9 million in TIF to reduce rents in planned Lowertown apartments

ROCHESTER — The Rochester developer of a planned 133-unit Lowertown apartment complex is seeking $3.9 million in tax-increment financing support to keep rents of half the units below market rates. “Without TIF assistance, the likely outcome would be a 100% market-rate development or no project at all, given today’s high land costs, construction inflation and financing challenges,” Brent Svenby, the city’s senior administrative analyst, wrote in …

North Mankato plans TIF district hearing, hopes to spur development

NORTH MANKATO — The North Mankato City Council scheduled a public hearing for Dec. 1 to consider the creation of a tax increment financing district and is moving forward with a proposal to support the redevelopment of the former Taco…