Four Downtown Rochester Projects Win DMC Designation
Rochester, MN (KROC AM News) - The DMCC Board has approved four proposed downtown projects and all will receive public assistance.
One is the $230-million Bloom project that has been in the news the past few years.
The largest development project in city history will also receive the largest amount of public financing at $18-million.
The proposed extended stay hotel at the American Legion site was also approved. That $44-million project will receive nearly $4-million in public financing.
The other two projects call for major renovations of the Holiday Inn and the Wells Fargo building near the Peace Plaza.
The $41.5-million Holiday Inn project will receive $3-million in assistance.
The Wells Fargo project has a price tag of $26.5-million. It will receive $2.4-million in public assistance.
Under a policy adopted earlier by the Rochester City Council, these projects will generate nearly $180,000 per year during the payback period for affordable housing programs.
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