Article in the Minnesota Star Tribune by Jim Hovland

In an article published by the Minnesota Star Tribune on August 22, 2024, Edina Mayor Jim Hovland clarifies a misunderstanding about the City Council's recent decision regarding a proposed redevelopment project on the Macy's Furniture Gallery site. While the council has advanced a nearly $23 million tax-increment financing (TIF) proposal, it's important to note that this is a preliminary step to determine the feasibility of using TIF to fund public improvements associated with the project.

Hovland emphasizes that TIF has been used in Edina to deliver significant public benefits, such as Centennial Lakes Park and the revitalized 50th & France area. The proposed redevelopment project at the Macy's Furniture site aligns with the city's long-term planning goals and offers substantial public benefits, including increased property tax revenue, improved infrastructure, and enhanced public spaces.

The mayor also addresses concerns about the project's potential impact on the local tax base, explaining that the TIF district would generate significantly more revenue than it would consume. The decision to use TIF will ultimately depend on a thorough analysis of the project's benefits and costs and will involve public input from various stakeholders.