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Red Wing City Council Approves TIF Grant



Following a public hearing, the Red Wing City Council last week approved a Tax Increment Financing (TIF) Plan and a grant for a $225,000 over 25-years to support redevelopment of the former Associated Bank Building at 222 Bush Street.


Kyle Klatt, Community Development Director, says the developer had a funding gap in the estimated 6.47 million dollar project. 


The project will end up with a half-million dollars of public money counting the the Downtown Investment Fund, and other community partners.


Anne Jones, from the Jones Family Foundation and a part of the Downtown Philanthropic Collaborative, has agreed to match the City's grant contribution of $137,500 says the much needed project fits the groups mission of helping grow the downtown area.


The project will feature 27 market rate apartments and up to 3,300 square feet of commercial space.

 

 

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