Tax increment funding recommended for Mankato’s Bridge Plaza

The adoption of the tax increment could mean construction on the building in the near future.

KEYC News 12 This Morning -Tax Increment Funding

MANKATO, Minn. (KEYC) - Mankato’s Economic Development Authority recommends adopting tax increment funding for the Bridge Plaza development project ahead of a public hearing at council Monday night.

The project has been in development since 2009, and plans for a five-story building which mixes retail and commercial use along with upper-end apartments.

More than 140 parking stalls will be available to the public after 5 p.m. on weekdays as well as all day on Saturdays and Sundays.

The E.D.A recommends that council accept the resolution to grant a 15-year pay-as-you-go tax increment, valued at more than $1 million for the project, which has nearly $16 million in private funding.

The executive summary states that 42 new full-time jobs will be created with the building’s construction, which will soon begin pending the approval of the tax increment funding.

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