Vote Expected Monday on Another Rochester Apartment Project
Rochester,MN (KROC AM News) - Another proposed multi-family housing project will be taken up by the Rochester City Council Monday.
The council will be asked to vote on a development assistance agreement with Village Capital Corp for a project that is proposed near the intersection of 37th St and East River Rd NE
The Indiana-based company is proposing a two-phase affordable housing project at a cost of more than $20-million. The city council approved a tax increment financing (TIF) district for the project at an earlier meeting.
The agreement that will be acted on Monday night calls for nearly $1.7-million in TIF funds.
Work on the first phase will be required to begin by the end of May and be completed by March 31, 2019. It will consist of 8 two story buildings with a total of 128 units.
The second phase calls for 5 two story buildings with a total of 80 units.
The project - named River Glen - also calls for a clubhouse with a fitness center, community room, full kitchen, lease office, playground, a pool and bike trail.