Bartamaha (Minnesota):- The Minneapolis City Council Friday unanimously approved the financing and assistance for the stabilization and revitalization of Riverside Plaza.

The City approved $1.9 million in assistance and the issuance of up to $80 million in tax-exempt multifamily housing revenue bonds, according to a city news release.

The Council also approved a neighborhood-development agreement between the City and the property owner, Sherman Associates, based in Minneapolis.

The Business Journal broke news about the renovation of the large apartment complex in April. The renovation is expected to preserve and improve 1,303 units of affordable housing, create up to 250 construction jobs, including 90 that will be set aside for residents of Riverside Plaza and surrounding neighborhoods;

The project also includes improvements to security, lighting, sidewalk and signage.

The city expects to close the funding transaction before the end of the year, which will enable Sherman to begin construction in January 2011. The renovation is expected to be done over the next two years. Click here to download a detailed project memo from the city’s planning department.

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Source:- Bizjournals.

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