ROCHESTER, Minn. - We may soon be saying goodbye to a longtime downtown Rochester landmark.
PB Rochester Investments, LLC, the owner of the former Post Bulletin building is looking for city approval to clear the site for redevelopment and is asking the city to enter into an early demolition agreement.
Assistant city administrator Terry Spaeth explained, "It basically preserves the right in the future for a period of up to three years to create a Tax Increment Financing district on the property."
Spaeth says the potential to create a TIF district would help the new owners during redevelopment.
He said, "You have demolition related costs, you may have utility relocation costs, a number of costs you wouldn't normally have if you were putting a new building out on a green field site on the edge of town. So, if in fact that is the case, they'd want to be able to ask the city to help provide some assistance through the tax increments generated from the new development that would occur there."
If approved the new owners would then have to file for a building permit to actually get started on the demolition.
The Rochester City Council will be making a decision about the agreement during its meeting at 7pm.