MANKATO, Minn. (KEYC) — Three properties on the corner of North Riverfront Drive and East Spring Street are moving along in the redevelopment process.
This includes the vacant Stephen Cleaners and Laundry and surrounding buildings.
According to the Mankato City Council, the properties will be used as commercial and residential buildings.
The redevelopment project will include demolition, shoring, utilities and soil correction.
The Economic Development Authority approved a preliminary review of possible tax increment financing to offset the costs of that redevelopment.
The developer is requesting a pay-as-you-go tax increment in the amount of up to $216,000 over 15 years.
The next step in the process is for the city council to set a date for a public hearing.
The soonest a hearing could be heard is in January 2020.