A Plymouth-based developer is planning to build 250 market-rate apartments on a parcel of the former Tessman farm in Brooklyn Park.<\/p>\n
At a Sept. 21 meeting, the Brooklyn Park Economic Development Authority approved a document outlining the conditions of potential tax abatement to move the project forward.<\/p>\n
Plymouth-based Roers Companies previously asked the city to provide more than $23 million worth of bonding to construct a 275-unit affordable housing complex at the Tessman property. In essence, Roers wants Brooklyn Park to serve as a pass-through lender \u2014 allowing the developer to leverage the city\u2019s credit rating to secure financing from the state.<\/p>\n
The request was tabled late last year, with Mayor Hollies Winston noting the city was \u201creally struggling with this affordable housing thing\u201d shortly before the vote.<\/p>\n
Now, the EDA has approved a preliminary term sheet with Roers for a $73.7 million project at the same property, 6716 85th Ave. N.<\/p>\n
As part of the deal, Brooklyn Park would issue up to $2.7 million in tax abatement for the project over the next 13 years. This financial assistance does not include any upfront costs incurred by the EDA.<\/p>\n
According to Hennepin County property records, the land is owned by the Eldon Tessman Living Trust.<\/p>\n
The proposed development would be located near North Hennepin Community College and the Tessman Ridge Apartments. City documents describe the site as \u201cwell suited for multifamily rental housing.\u201d<\/p>\n
If the project moves forward, it would feature 30 studio apartments, 95 one-bedroom units, 95 two-bedroom units and 30 three-bedroom units. A pool, fitness center, dog run and work-from-home space are among the proposed shared amenities.<\/p>\n
The EDA ultimately voted 5-0 to approve the term sheet. Winston, acting as EDA president, said he was in favor of the proposal.<\/p>\n
\u201cI appreciate you understanding that we\u2019re looking for market-rate,\u201d he said to the Roers staff in attendance. \u201cThank you for bringing it back as market-rate with some of the amenities that we are looking for.\u201d<\/p>\n
With the term sheet approved, city staff will draft a development agreement for consideration by the EDA next year. The developer will also need to prepare land use requests for consideration by the Brooklyn Park Planning Commission and ultimately the Brooklyn Park City Council.<\/p>\n","protected":false},"excerpt":{"rendered":"A Plymouth-based developer is planning to build 250 market-rate apartments on a parcel of the former Tessman farm…\n","protected":false},"author":2,"featured_media":357602,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[98,100,99,111202,114607,122078,133244,9230,113007,1092,9,24,109020,63,133246,131650,854,133245],"class_list":["post-357601","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-brooklyn-park-city-council","tag-brooklyn-park-economic-development-authority","tag-brooklyn-park-planning-commission","tag-eldon-tessman-living-trust","tag-hennepin-county","tag-hollies-winston","tag-mayor","tag-new-york","tag-new-york-city","tag-north-hennepin-community-college","tag-nyc","tag-pass-through-lender","tag-plymouth","tag-president","tag-roers-companies"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/357601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=357601"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/357601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/357602"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=357601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=357601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=357601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}