550 West Lake Tax Increment Financing Plan

We invite feedback on the proposed 550 West Lake Tax Increment Financing Plan.

Overview

The City prepared the 550 West Lake Tax Increment Financing (TIF) Plan to help finance the construction of a new building at 550 West Lake Street.  It is located at the corner of West Lake Street and Garfield Avenue. 

The new building will have110 units of affordable housing.

The TIF Plan:

  • Creates a new housing TIF district to finance the costs of a qualified housing development
  • Includes a budget for the use of tax increment revenue from the new TIF district

Read about Tax Increment Financing

What to know

Comments are due by October 23.

Read the draft document

You can view the 550 West Lake TIF Plan Draft for Public Review.
See draft document

Timeline

Comment deadline

Monday, Oct. 23, 2023

The deadline to submit comments is Monday, October 23, 2023, at 12:00 noon.

Send public comments and questions to Tiffany Glasper

BIHZ Committee

Tuesday, Oct. 24, 2023

We will consider changes at a Minneapolis City Council Business, Inspections, Housing & Zoning (BIHZ) Committee meeting.

  • The meeting will be held on Tuesday, Oct. 24, 2023, at 1:30 p.m.
  • The meeting location is Minneapolis City Hall, 350 S. Fifth Street, Room 317.
City Council

Thursday, Nov. 2, 2023

We will consider changes at a Minneapolis City Council meeting.

  • The meeting will be held on Thursday, Nov. 2, 2023, at 9:30 a.m.
  • The meeting location is Minneapolis City Hall, 350 S. Fifth Street, Room 317.

Contact us

Tiffany Glasper

Community Planning & Economic Development

Email Tiffany Glasper

Phone

612-673-5221

Address

Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415

Community Planning & Economic Development (CPED)

Phone

311 or 612-673-3000

Address

Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415