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North Mankato approves $587,202 loan for mixed‑use Belgrade Avenue project
Summary
The North Mankato City Council unanimously approved Res. No. 91‑25 to lend $587,202 from local option sales and use tax funds designated for riverfront redevelopment to 242 Belgrade LLC for foundation work on a proposed $5.25 million mixed‑use building.
The North Mankato City Council on Oct. 6 unanimously approved a loan of $587,202 to 242 Belgrade LLC to support foundation work for a proposed mixed‑use building on Belgrade Avenue.
Community Development Director Fischer told the council the project, proposed by Max DeMars and Marty Walgenbach, is valued at $5,253,462 and the requested local option sales and use tax funding would pay for helical piers and other foundation work identified in a geotechnical report. Fischer said TIF and tax abatement are not available for the project and that the funding source is the portion of local sales tax authorized for “Riverfront Redevelopment.”
Fischer noted similar local option sales‑tax funding was used for projects at 225 Belgrade Avenue and 235 Belgrade Avenue. Council Member Steiner moved to adopt Res. No. 91‑25; Council Member Peterson seconded and the motion carried with Peterson, Whitlock, Steiner, Oachs and Carlson voting aye.
The loan approval directs staff to execute loan documents for 242 Belgrade LLC; the resolution and any loan terms were approved during the meeting as part of Res. No. 91‑25.
