Logistics facility eying Rosemount Business Park
The Rosemount City Council established a new tax increment financing plan Tuesday to help facilitate a new industrial development.
Seefried Industrial Properties is planning to develop a 417,600-square-foot logistical distribution facility on a 63-acre site at 1585 Boulder Court in the Rosemount Business Park.
The development could greatly increase truck traffic on County Road 42.
Eric Van Oss, economic development director, said as part of the city’s approval, it would require the extension of Boulder Trail to access Highway 3, which could facilitate future development.
“Due to the additional cost, the city would like to use TIF to help reduce the cost of the road and right-of-way expenses,” Van Oss said.
Rebecca Kurtz with financial consultant Ehlers and Associates said TIF gives the city the ability to use the increase in new taxes, and direct it toward road construction and to reimburse the developer for right-of-way acquisition.
The vote approved the creation of the district.
The city plans to continue negotiations with the developer, which is working on land acquisition, environmental assessment and site planning issues.
The maximum amount the could be raised by the district is about $3.3 million.
The total obligation will come before the Rosemount City Council in the future, Kurtz said.
“This is setting up the framework,” Mayor Bill Droste said. “The action will come down the road if we have a development agreement.”