210 3rd Avenue NW, Hutchinson, MN
For qualifying projects, the City is willing to consider establishment of a Housing Tax Increment Financing District on the site. For a typical apartment complex, estimated tax increment would be roughly $110,000 per year. Over the 25-years of the district, total tax increment would be about $2.8 million, with a NPV of $1.6 million, assuming a 4% discount rate.
The city would be particularly interested in the following types of redevelopment:
- Multi-story apartment complex
- Brew pub
- Sports Bar
- Owner: City of Hutchinson
- Address: 210 3rd Avenue NW, Hutchinson, Minnesota
- Acreage: 3.027 acres of vacant land (≈ 131,856 square feet)
- Zoning: Currently Zoned I/C “Industrial / Commercial”. Will rezone as needed.
NOTE: Site is in the 100-year FEMA floodplain, so the finished floor elevation of any building would have to be built 1-foot above that level.
- Utilities: Electric, natural gas, water, sanitary sewer, etc. are all available on site.
- Height: No restriction, except that City Council approval, would be required for any structure in excess of six stories or 75 feet.
- Roads: State Hwy 7 is one block north of the site
State Hwy 15 / Main Street is two blocks east of the site
- Trails: The Luce Line State Trail is on the site
- Parks: 8 separate parks are within four blocks of the site.