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.