Hotel Developer Seeks TIF Financing and DMC Designation
Rochester, MN (KROC AM News) - The Rochester City Council will be presented Monday with a proposal to extend Tax Increment Financing assistance to help pay for the construction of a large hotel development near St. Mary’s Hospital. Brutger Equities of Minnesota is also seeking to have the project designated part of the Destination Medical Center development plan.
The latest plans for the Saint Mary’s Holiday Inn and Suites project call for a 225 room hotel, a full-service bar and restaurant, retail space, a 350 underground parking ramp, along with three for-rent townhomes. The plans also include a potential subway connection under 2nd Street Southwest to St. Mary’s Hospital.
The total amount of DMC-TIF assistance being requested is $5.6 million. Over half of that amount is tied to the parking structure, which would include approximately 115 stalls for public parking. Another $1.7 million of the proposed TIF assistance would be used for the development of the underground subway connection to the hospital.