The Duluth Economic Development Authority will review two resolutions for apartment complexes during its meeting Wednesday.
A public hearing will be held at the beginning of the meeting for the proposed redevelopment of the apartment complex at 627 E. Fourth St. The building would have at least 16 units, all of which would be for rent at a rate affordable to those earning 80% or less of the area's median income, according to the resolution. The project, proposed by Portland Land Co., LLC, of Duluth, includes at-grade parking stalls.
The proposed cost of construction is just under $1.1 million. DEDA has committed to providing $126,000 for the project from existing redevelopment district pooled funds. If approved, construction would begin later this year with expected completion by February 2023.
Also scheduled for review is the development of the former St. Louis County Jail at 521 W. Second St. The proposed project, Burnham Apartments, would redevelop the building into 32 studio, one- and two-bedroom apartments and demolish the annex building. Of the 32 apartments at the proposed complex, at least four would be available for 60% or less of the area's median income, which is determined annually by the Minnesota Housing Finance Agency.
The project is developed by 521 West 2nd Development, LLC of Duluth. Its construction cost is estimated at just under $8.3 million.
DEDA would provide up to $1.2 million for the project from a 26-year tax-increment financing plan. The establishment of TIF District No. 35 will be discussed in a public hearing at the start of Wednesday's meeting. A resolution approving the creation of the TIF district will also be on the July 6 Duluth City Council agenda, according to the resolution.
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If approved, construction on the Burnham Apartments would begin later this year, with expected completion by September 2023.
DEDA meets at 5:15 p.m. Wednesday. The meeting can be accessed live at dulutheda.org/live-meeting. Written comments may be submitted to DEDA before the meeting at dulutheda.org/contact-us or by emailing email@example.com.