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Globest.com UPDATE: JLT Wants TIF For 'Bridges of St. Paul' Project

ST. PAUL-The tax increment financing district is expected to contribute $75 million to the $1-billion mixed-use project on the Mississippi River.

By Jim McCartney | Updated on November 17, 2003

ST. PAUL-Developer Jerry Trooien is asking the city to create a tax-increment district that would use property-tax revenue generated by the project to pay for new streets and a massive underground parking garage for his proposed $1-billion shopping and housing complex on the city’s riverfront.

The tax district is expected to direct as much as $75 million into the new mixed-use project. The project is expected to be one million sf and cost upward of $1 billion, according to Trooien, the locally based developer who is president of JLT Group Inc.

City officials and JLT Group will work on drawing up a financing package, and construction could begin within a year.

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