What’s making news in Minneapolis, reported by the Star Tribune’s team of city reporters. Send news tips to baird.helgeson@startribune.com.

How will Nicollet Mall re-do costs be spread out?

Posted by: Updated: February 24, 2014 - 6:06 PM

Last week's story about the Nicollet Mall overhaul now being proposed was short on one detail. While half of the estimated $50 million cost is envisioned as coming from state bonding, the other half is expected to be raised by assessments on businesses. But which businesses, exactly? Those along the mall? Others in some kind of broader downtown district? All businesses in the city?

The answer, from Steve Cramer, executive director of the Minneapolis Downtown Council: It hasn't been determined yet, Cramer said Monday. It probably won't be citywide, and likely will be applied throughout a district, Cramer said.

Cramer added that a similar business assessment was applied to pay for the last Nicollet Mall makeover, in the late 1980s. But for that project, businesses anted up 85 percent of the $23.5 million total. That share today, accounting for inflation, would come to about $36 million.

Will that drive up the prices of lunch or a tie downtown? Hard to say, with the repayments to be spread out over many businesses for 20 years, Cramer said.

"If it's done well," Cramer said of the mall project, "it'll generate economic activity that will have a positive benefit."

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

Advertisement
Golden Gavel by Star Tribune

Countdown to great deals

Bid Sept. 21-29

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

question of the day

Poll: How do you feel about the decision to reinstate Adrian Peterson?

Weekly Question

ADVERTISEMENT