MANKATO, Minn. (KEYC) - Mankato City Council adopted the tax increment funding for the project after a public hearing.
The project has been in development since 2009.
Plans for the 5-story building include space for 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.
Council accepted 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.
42 new full-time jobs are expected to be created with the building’s construction. Which is expected to begin in September, with tenants moving in by 2020.