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Council and EDA approve $1 million homeownership subsidy and TIF for London Brook Ponds subdivision
Summary
The City Council approved a $1 million economic-vitality contribution to London Brook Ponds and the Rochester EDA established a TIF district that could provide up to $1 million in additional assistance when homes are sold to income-qualified buyers.
The Rochester City Council and the Rochester Economic Development Authority approved coordinated actions Oct. 20 to support a 50-unit for-sale subdivision called London Brook Ponds.
The council adopted a resolution to contribute $1,000,000 from the city's economic-vitality sales tax fund to the developer, Build Wealth Minnesota, to help lower sales prices for 50 for-sale units in the Homestead Acres area. Taryn Edens of community development said the homes are planned as attached products (triplexes and twin units), roughly 1,500 square feet each, and the subsidy equates to about $20,000 per unit. The…
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