MINNEAPOLIS (WCCO) — The proposed Minneapolis downtown east project — which would transform five city blocks of mostly surface parking lots into office space, housing, retail, and a city park — is closer to being approved.
On Tuesday, the city council’s Community Development Committee approved the issuance of bonds up to $65 million. Those bonds would finance the city’s share of the more than $400 million project.
Chuck Lutz, deputy director of Minneapolis Community Planning and Economic Development, says they will issue the bonds under the powers of the Port Authority Act.
“The Port Authority Act provides the city flexibility for a variety of things in respect to the project, including purchasing private property and accepting financial assistance,” Lutz said.