Build It And They Will Rent
By Mitch Berg
Joe Doakes from Como Park emails about a new apartment building being constructed by the Mall of America:
“Chmielewski said rents haven’t been set, but because the project is being developed with tax-increment financing, some units will be income-restricted.”
I think the usual percentage is 20% low-income for the first 5 years, then they can go market-rate at which time the developer will convert the whole thing to a condo and sell the units.
So another 100 low-income apartment units next door to the Mall of America. That ought to help the trendy, high-end retail shops in the Mall. And no danger of gangbanging riff-raff scaring away other customers. No wonder the City jumped at the chance to fund it.
Joe Doakes
And the Met Council said “It Is Good”.
August 21st, 2015 at 6:32 am
Yes, and God knows that there aren’t enough low income housing units within spitting distance of Hugedale!
But no worries, Joe. I’m sure that some of those choice units will go to friends and supporters Bloomington’s corrupt city council.