Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Kristen Leigh Painter.

North Minneapolis redevelopment seeking TIF assistance

Posted by: Janet Moore Updated: August 4, 2014 - 3:50 PM

City officials will decide Tuesday whether to direct staff to investigate possible tax-increment-financing for a $6.2 million redevelopment proposal in north Minneapolis.

The project, located on the northwest corner of West Broadway and Aldrich avenues, could be the new home for the North Minneapolis Workforce Center.

City documents state that the 800 W. Broadway parcel is currently home to a two-story vacant tax-forfeit commercial building. Minneapolis-based developer, Sherman Associates, wants to rehab the site into a multi-use commercial and retail building.

The 2019 Aldrich Ave parcel is a bank-owned property with an existing vacant duplex that would be demolished for parking.

The project came about after the state issued a request-for-proposals to relocate the current Workforce Center from Plymouth Avenue to West Broadway. Sherman's proposal was selected -- the center will occupy about 12,000 square feet of the building's first floor.

The 800 West Broadway parcel is now under the control of Hennepin County. The city would purchase the property from the county and then sell it to the developer. Hennepin County has agreed to sell the property for $1 if the the developer pays $50,000 in holding and transactional costs.

Sherman Associates currently has a purchase agreement to buy the 2019 Aldrich Av. N. parcel from the owner, Sunrise Bank.

The developer is requesting about $500,000 in pay-as-you-go TIF assistance, city documents state. This could help pay for costs involving demolition, public improvements, geotechnical soil corrections and parking..

Sherman Associates hopes to complete the sale of the property and begin redeveloping it by the end of this year, with completion slated for September 2015.

The city's Community Development and Regulatory Services Committee will discuss the matter at a 1:30 p.m. meeting on Tuesday in City Hall.

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