Edina HRA reviews lease‑revenue, lease‑to‑own plan to restart stalled 70th & France development

EDINA, Minn. — The Edina Housing and Redevelopment Authority on Feb. 19 discussed a proposed financing approach to revive the long‑stalled redevelopment at 70th Street and France Avenue, but the board made no commitment and asked staff and the developer team for more risk analysis and clearer financing visuals.

The proposal described to the HRA would separate the parking structure (Site C) from the office building. A tax‑exempt special purpose entity (SPE) would issue bonds to fund construction, the HRA would ground‑lease the property to the SPE and then lease the completed garage back, and incremental property tax revenue produced by a new class‑A office building would service lease payments. When the lease is paid off the improvements would revert to the HRA.

Why it matters: The 70th & France project was approved with a mix of office, retail and residential but has failed to secure private financing amid higher interest and construction costs. Staff and developers say the office portion still attracts demand in Edina and that completing an office building could generate significant tax increment and jobs; commissioners worried whether the proposed structure swaps one form of public risk for another.

Economic development manager Bill Neuendorf, who led the city…