Work Could Begin in May on Rochester Miracle Mile Project
Rochester, MN (KROC AM News) - The developer of the proposed project at Rochester’s Miracle Mile shopping center should find out Monday if the city will help pay for it.
The City Council is scheduled to vote on a staff recommendation to approve a tax increment financing district for the project. A vote could come after a public hearing on the request.
The recommendation includes $2.9-million in tax increment financing (TIF), far short of what the developer was seeking. The request was for more than $6.8-million. The estimated total development cost is $36-million.
It is proposed as a Pay As You Go TIF project. This means the developer will be reimbursed for eligible expenditures as the increment is received over the life of the TIF District.
The five-story building will include 107 apartments, 111 underground parking spaces, a grocery store and other commercial space.
Under the agreement, construction is to begin no later than May 31 and be substantially completed by September 30, 2018.