Three New TIF Districts Approved for Downtown Rochester Projects
Rochester, MN (KROC AM News) - The Rochester City Council has approved the establishment of three new tax increment financing districts in the downtown DMC development zone.
One is for the proposed Bloom Waterfront project, the largest development project in city history. The developer is seeking $20-million in public assistance. A decision on the amount will be made after the city finalizes a development agreement.
The other TIF districts are for the Holiday Inn redevelopment project and the Hyatt House Hotel proposal at the American Legion site. The council has also approved a development agreement for both of those projects.
Under the agreements, the Holiday Inn project will receive $2.9-million in public assistance. The Hyatt House project will receive $3.9-million.
All three projects were approved by the DMCC Board last week.
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