Council approves TIF district for Conley-Maass renovation project
The city council on Monday unanimously voted to approve $400,000 in tax increment financing (TIF) for the Conley-Maass renovation project in downtown Rochester.
According to the terms of the agreement, the city will provide the property's owners with 15 years of TIF assistance, or the $400,000, whichever is less.
The project is located within the newly-created DMC District. However, it will not be considered a development plan project by the DMC EDA.
During Monday night's discussion, City Council President Randy Staver said he was "disappointed" and "puzzled" by the EDA's decision.
"It seems like a great opportunity to support the preservation aspect of what we're trying to retain as part of the overall DMC vision," said Staver.
The Conley-Maass building was recently deemed eligible for the National Register of Historic Places, putting it in line to be the first property in Olmsted County to receive historic preservation tax credits.
The total cost to renovate the building is expected to be around $2.7 million.
Once renovated, the 15,000-square-foot building will include office and coworking space for high-tech entrepreneurs. There will also be a restaurant (no specifics yet) on the first floor.
"I hope this is the first of many opportunities we have to partner with these small businesses to keep these unique buildings in our downtown," said council member Michael Wojcik.
Click here for our full report on the project from earlier this year.
(Cover photo: The Med City Beat)