After nearly three years of working with the city, applying for financing and tweaking design plans, Tuesday night as the approved two resolutions after public hearings.
According to the council’s complete agenda, the resolutions—one adopting the revised 2010 tax increment financing district plan and the other approving the issuance of city bonds to fund part of the project—were necessary for the developers to secure its private financing, which is scheduled to happen at the end of September 2011.
The developers, Woodlake Partners, St. Paul, were hoping to secure funding from the Department of Housing and Urban Development (HUD) months ago, however they were ultimately denied funding this summer.
The finalized building plans are for a 94-unit apartment building (Lyndale Commons)—with 20 percent being affordable housing units—and a parking garage and lot. Of course, there will also be a courtyard to add the green space element that is so important to current city officials.
As many know, this project is one of three in the northern Lyndale stretch. The redevelopment of the and lot are also moving forward.
The estimated cost of the Woodlake Plaza project is $11 million and once the funding is secured, construction will hopefully begin in Fall 2011 and finish in Fall 2012.
Stay tuned for more updates on this project from Richfield Patch.