Proposed Blaine development stalls due to funding question
The southwest corner of Lexington Avenue and 125th Avenue in Blaine could see new development if the funding pencils out.
Source: finance-commerce.com
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The southwest corner of Lexington Avenue and 125th Avenue in Blaine could see new development if the funding pencils out.
High interest rates and stubbornly high construction costs led to the current proposal being set aside, a city official says.
The $55 million-plus Herberger's plan will now get examined by city staff to determine if it is eligible for $6.5 million in tax assistance.
An ownership group that includes West Acres Development is seeking $6.5 million in tax increment financing for the project.