[Mpls] Minneapolis poised to take another shot at Sears

[Shawn Lewis]

Minneapolis poised to take another shot at Sears
Rochelle Olson, Star Tribune 
  
Published January 1, 2004 
Minneapolis leaders are looking to 2004 as a year of 
hope for the massive Sears site on Lake Street that 
has been sitting empty for nearly a decade, leaving a 
gap in a neighborhood that is struggling to restore 
safety and vitality.

The hulking complex is equivalent in size to two IDS 
towers. It is the second-largest building in the 
state -- the largest is the Mall of America -- and 
it will be the largest redevelopment project in 
Minneapolis, probably even the state. The Sears 
building, now called the Midtown Exchange, has 
2 million square feet of space to lease, compared 
with 2.6 million at the Mall of America.

Optimism and enthusiasm for the project are high 
at City Hall -- a rarity for a mammoth undertaking with tricky financing.

"I think it's actually going to happen," said 
Council Vice President Robert Lilligren, whose 
ward includes the site. "Now it's a question of 
how quickly." 

(Public monies involved in this project)

....The public portion comes predominantly from state, 
city and federal grants of about $17 million total. 
There is another $8 million estimated in 
tax-increment financing money. Not included in the 
total is the nearly $5 million already spent by the 
city and state to clean the site.

The development agency counts as a portion of 
Ryan's contribution about $37 million in federal 
tax credits.

Many of those credits come from programs designed 
to encourage preservation and development in 
disadvantaged and challenged areas....
*********************************************************
EDITORIAL  
Sears project must uphold civil rights laws
http://www.spokesman-recorder.com/News/Article/Article.asp?NewsID=34030&sID=16
**********************************************************
EDITORIAL  
Our tax dollars should guarantee us equal access
http://www.spokesman-recorder.com/News/Article/Article.asp?NewsID=35457&sID=16
***********************************************************
EDITORIAL  
We must monitor City projects
http://www.spokesman-recorder.com/News/Article/Article.asp?NewsID=36377&sID=16

Posted by Shawn Lewis, Field Neighborhood

 

 






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