Rochester, MN (KROC AM News) -The Rochester City Council is being asked to extend an exclusive negotiating agreement with a development firm that is considering a large downtown project.

The Council approved a 6 month agreement with Bloom International Realty in May and the company is asking for a 6 month extension.

The company is considering a redevelopment project involving city owned property located along the west side of the Zumbro River between 2nd and 4th streets, across from the Government Center. The proposed concept is a phased development that includes structured parking, commercial retail, hotel, extended stay units and apartments along the riverfront.

City staff wants the project to be included in the DMC Development Plan and the application and review process is nearly finished. Staff is recommending the negotiating agreement be extended.  A vote is scheduled during Monday night's Council meeting.

The City Council is also scheduled to hold a public hearing on its proposed 2016 budget and property tax levy. Staff is recommending a levy of $57.2 million, which would be a $4 million increase over this year’s figure.  

The Council will adopt the levy when it approves a new budget December 2nd.

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