More TOD Coming to Brookyln Park
By Andrew Richter
Guess what is coming to Brooklyn Park!
The Brooklyn Park Economic Development Authority unanimously voted to authorize staff to purchase surplus righ of way land leftover from Highway 610 construction. The parcel, at the northeast corner of the Highway 169 and 610 interchange, will be bought with the intention to sell it to Target Corporation for their north campus development.
The cost to purchase the approximately 23 acres of land will be $2.2 million. Currently, the land is owned by the Minnesota Department of Transportation. Target has an existing development agreement with the city stipulating that Target has a right to buy this land from the development authority when MnDOT makes it available for purchase. Moreover, the agreement stipulates that if Target buys the land from the development authority, Target will purchase the land at the same price the authority paid, and cover all of the city’s out-of-pocket costs. Target will have 180 days to purchase the parcel from the development authority. If Target does not purchase the land within this period, the city can land bank the parcel until it is needed for the later development of the Oak Grove Parkway light rail station.
Jennifer Jordan, senior project manager for the city, said the costs to hold the land would be minimal, and would primarily be for mowing and potential waste removal. Target cannot purchase the land directly from MnDOT. Councilmember Mark Mata said the city should not mow the parcel if it purchases the land. The city should lease the land to a farmer until development, if possible, he said. Jordan said an MnDOT lease on the land with a farmer has expired, so the city could explore leasing the parcel to another farmer. Councilmember Bob Mata agreed with Mark, and said the city should lease the land to a farmer.
Funding for the parcel would come from tax increment funding, Jordan said. To her knowledge, after Target purchases the parcel from the city, the funding would be returned to the tax increment fund.
Did I ever express how much I hate TIF?
By the why does Target keep getting these little sweetheart deals?