City of Faribault issued the following announcement on Jan. 21.
The 2.87-acre site, contaminated with petroleum and other contaminants, was historically used for bulk petroleum storage, a city dump and most recently maintenance and storage for the city’s Public Works Department.
Thanks to the grant and due to efforts by the City, it can now reduce the potential threat to public health and environment, create new jobs, increase the tax base, and provide other public benefits by redeveloping polluted and unproductive sites.
The site will be redeveloped with a five-story, 111-unit apartment building with one level of underground parking. It is anticipated this project will increase the tax base by $201,607, and matching costs will be paid by the developer. According the most recent update, there are still some additional steps (planning and zoning, financing TIF district establishment, etc.) before ground can be broken.
In total, DEED awarded $5.34 million in grants to nine cities across Minnesota to clean up 11 contaminated sites approved for redevelopment.
Original source can be found here.
Source: City of Faribault
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