ROCHESTER, Minn.- The Rochester City council approved a development assistance agreement for the Bloom Riverfront Project.
For over 3 years, several teams including Destination Medical Center and the city of Rochester have been working on the 900,000 square foot building that will be used for hotel space, assisted living, apartments, and more.
The agreement outlines the duties of the developer and the city, including construction times...starting August 1st of 2019 and ending May of 2023.
The city is agreeing to provide up to 20 million dollars in pay as you go tax increment financing which allows the city to invest in the project and pay for it by capturing the increase in property taxes that are made by it.
Also outlined in the document, the developer agrees to create more than 200 parking spaces.
the entire agreement can be found here.
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