|
|
At its’ Tuesday, October 12 meeting the Cook County/Grand Marais joint Economic Development Authority (EDA) passed two resolutions to apply for and accept funds from the Iron Range and Resources Rehabilitation (IRRR) Development Infrastructure grant program for two separate projects in Tofte that are aimed at, among other things, building more workforce housing.
The Sawbill Village is a 2.2-acre development site located on Highway 61 across from the Holiday gas station and the Americinn. At approximately 12,000 square feet, Sawbill Village will be a two-story building with retail on the main floor and housing above. Lodging will consist of six two-bedroom apartments for year-round workforce housing. There will be detached garage with one covered stall for each apartment plus storage. Plans include three retail spaces and one restaurant space for rent.
Total investment is estimated at $2.5 to$3.2 million with a target timeframe for completion of 2023-24.
The Cook County Board of Commissioners passed a tax abatement program for Sawbill Village that runs through the period of debt service. The tax abatement comes at no incremental cost to the county. Without it, the owners said the simultaneous management of debt service plus anticipated property tax increase would make either the project unaffordable or the rents untenable.
Downtown Tofte mixed use project- Two stand along buildings housing retail and apartments are proposed to be built by the owners of Bluefin Bay Family of Resorts Joe Swanson and Pipasu Soni. The project will consist of fourteen residential units and six retail commercial spaces. There will be four one-bedroom apartments, eight two bedroom and two three-bedroom rental units.
Estimated cost of building is $4,369,500.
The IRRR Board asked for the applications to be submitted six months prior to any award announcement.
Leave a Reply