Dominium Development of Plymouth said it plans to proceed with the $123 million housing development after closing the purchase agreement Friday, Nov. 16.
In July, city council authorized $69.3 million in “conduit” bonds for the project — tax-exempt bonds sold by the city on behalf of Dominium, which will be responsible for their repayment.
- The state, Ramsey County and the Metropolitan Council will pay $2.7 million in cleanup costs for the site.
- St. Paul committed $1.5 million in community block development grant money to the project.
- The Met Council committed just more than $1.8 million from its Livable Communities grant program.
- The city has committed $2.95 million from a proposed tax-increment financing district.
- Dominium also will receive affordable-housing tax credits and state and federal historic tax credits.
If the costs of the project go as planned, Dominium will garner a $16 million developer fee for the project and will also command about $2.5 million in contractor fees, according to city data.