City Council Seeks Proposals For Choice Downtown Rochester Site
Rochester, MN (KROC AM News) - The next downtown Rochester housing project may be located on a choice piece of property - along the Zumbro River and near the Mayo Civic Center and Public Library.
The city owns the property and has been using it as a public parking lot. It’s located between the Center St Wells Fargo office and the Zumbro River.
The City Council Monday authorized staff to solicit development offers for the site.
The city will place a priority on proposals that include “affordable living opportunities through mixed-income housing and proximity to transit.”
The zoning district where the site is located permits a broad range of uses with a floor area ratio and density depending on the size of the building. There is no height limit in this zoning district.
According to city documents:
Options we are willing to explore with a development partner include:
- 1. Land write down;
- 2. Direct assistance including Tax Increment Financing (TIF) based on level of affordability provided and other public objectives as determined by Council
- 3. Collaboration on access to Opportunity Zone utilization;
- 4. Collaboration on access to New Markets Tax Credits;
- 5. Support of housing tax credit and housing revenue bond applications;
- 6. Support from the Rochester Area Housing Coalition;
- 7. Continued coordination and collaboration on the previous entitlements that have been secured for the site.
The city may select a proposal by early January.
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