The city is proposing to spend $15 million in tax increment financing to redevelop a 6.75-acre property at Robert and Fillmore streets onthe opposite bank of the Mississippi River from Downtown St. Paul. The office site is about a third of the overall West Side Flats development project.
Some council members objected to the size of the subsidy and asked for further time to study the proposal.
The deal will involve US Bancorp moving about 2,150 employees to the new site, a gain to the city of more than 1,000 workers, says Brian Sweeney, director of the city's planning and economic developmentdepartment. About 900 employees will move out of the US Bank Trust building in Downtown St. Paul, vacating a significant amount of space in what was once one of the bank's landmark locations. But US Bancorp wants to go ahead with project, and begin cleanup of the site and construction by mid-May.
The council, sitting as the city's housing and redevelopment authority, voted 5-2 to allow US Bancorp to proceed with its plans. The building could be ready as soon as the fall of 2002. The housing phase, which would ultimately add 700 to 900 units of housing between Robert and Wabasha streets, may move ahead as early as next month.
Developers George Sherman and Jerry Trooien are close to signing an agreement with the city for the project, Sweeney says.
The first phase of the housing portion would likely add 180 housing units, both rental and owner-occupied, just west of the US Bancorp building along the riverfront. Site preparation work would likely beginthis year, with construction starting sometime in 2002, Sweeney says.
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