St. Louis Park EDA and City approve Terrazza redevelopment support, TIF and trust‑fund loan

The St. Louis Park Economic Development Authority and City Council voted this month to enable a major redevelopment at 5401 Gamble Drive by approving a housing tax‑increment financing (TIF) district, an interfund loan to reimburse EDA administration costs and a redevelopment contract that includes an affordable‑housing trust fund loan.

The action clears the way for the project known in staff materials as “Terrazza,” a proposed $91.7 million mixed‑use, mixed‑income transit‑oriented development that would replace a largely vacant 3.3‑acre office site. Greg Hunt, the city’s economic development manager, told the EDA the proposal includes a pay‑as‑you‑go TIF obligation of $5,500,000 anticipated to be paid over about 11 years and a $1,000,000 deferred loan from the city’s Affordable Housing Trust Fund that would be repaid with interest in the same period.

Why it matters: Staff and developers said the project would add housing and ground‑floor commercial space in the West End, including 23 units listed in staff materials as affordable at 50% of area median income…