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Blaine council approves 100 and Fifth financing package and authorizes master agreements despite dissent over parking costs
Summary
The Blaine City Council on April 6 approved tax-abatement bonds and a suite of agreements tied to the 100 and Fifth redevelopment — including a $15 million, 600-stall west parking facility — after lengthy debate over funding sources and potential impacts on property taxes.
The Blaine City Council voted April 6 to authorize financing steps and legal agreements needed to advance the 100 and Fifth redevelopment, approving both the property-tax abatement resolution and a parameters resolution that clear the way for bond sales and an amended master development agreement.
Manager Thorvig told the council the west parking facility would be a 600-stall structured garage with an estimated project cost of $15,000,000, a 20-year bond term and projected annual debt-service around $1.2 million. He said the first debt payment would be due in 2028 and that the city would not immediately decide the funding mix: “It is not something that needs to be decided tonight,” Thorvig said, listing possible repayment sources including excess…
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