City Council To Consider Extending Bloom Agreement
Rochester, MN (KROC AM News) -The Rochester City Council is scheduled to vote Monday night on a request to extend an exclusive negotiating period with Bloom International Realty another 6 months.
The previous agreement expires Monday and the company says it needs more time to finalize its plans for a major redevelopment project. It would be built on city-owned property located on the west side of the Zumbro River between 2nd and 4th streets. City Administrator Steven Kvenvold is recommending approval of the extension, noting Bloom has made “significant progress” in its planning stage.The council may decide to open the negotiating process to other developers. The council was recently told the Mortenson Construction company has interest in the site.
The Council is also expected to revisit the proposed hotel project near St. Mary’s Hospital submitted by Brutger Equities. The firm is seeking DMC-related public financing for the project. The DMCC Board is expected to make a decision on the request at its next meeting but it’s not known if the developer is willing to wait that long. The developer has told the council the project cannot proceed without the public subsidy.
And, the council will adopt its 2016 budget and property tax levy.The proposed levy of $57.2 million is about $4 million or 7 percent higher than the 2015 levy.