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We IC III file prllccss of fie Lonat Inn, \Lith
<br /> them to haec them conic in,' Lasalle says
<br /> 11h, Realty Man azennent Services is al 111011111C
<br /> %y�+^ 'f / Nankin • nrtn t enicnt and de%elopnicnl firm
<br /> anal is one of the general partners in
<br /> ,
<br /> Edinhiiruua'h.
<br /> Arnither sourer close to E'dinburuuoh ciln-
<br /> ��''� I if if is that a"verb•strong 'proposal fiir an all-
<br /> suites hotel has hccll made.The hole!would
<br /> h"a slid-rise huilding that would he arcllitcc-
<br /> ur:,ll� �unlp.rlible will lalinhorouOII's c.N
<br /> a � • o islin;� plascs.
<br /> ICa increment law re t-3. 1 Q (f { con tin y 'I he doted 1POrltl he developed by
<br /> CC..�Z..LL�1.. increment lw '�4.i ' 1 ►3 i l:a��thc,rn�s corporate office, rather than
<br /> +cooler a franchise agreement. Hawthorn is 87
<br /> TiF COULD DE HOT TOPIC AT 1989 MINNESOTA LEGISLATURE percent owned by the Pritzker family of
<br /> _ __..,. ... „__ ,.-..w..._. _ ,._ ,•_..,_.__.. .,. . w .,..,.. ....__...__ . ..__.__... ..- Chicago, which owns Hyatt Hotels.
<br /> by Liz 1Volf Steve Goldman, Chicago-based project
<br /> fnana`cr fiir the proposed Hawthorn, says
<br /> Hawthorn was drawn to the Edinborough site
<br /> ax increment f inancino (TIF)has Nov.28 hearing f6cusing on testimony front legislative proposals- bi cause of the indoor,city-run park that is the
<br /> Temerged as perhaps the predonli- advocates of change in TIF procedures. A Help fur Blighted Areas projects major amenity. "I think it really dif-
<br /> nant economic development tool in Min- hearing scheduled for later this week is to Tax increment financing is an economic ferentiates this pro)ect from others:'
<br /> nesota during the past few years. But critics focus on testimony from those who support development tool that uses the increase in Goldman says.
<br /> are pushing for reform, charging that some the use of the tool in its present form. property taxes generated by new construction The hotel would be connected to the park,
<br /> cities and developers have lost sight of TIF's "Last year we agreed that TIF needs to help pay for the cost of development rather he says.
<br /> original intent. changes;'Reichgott explained at last month's than the general cost of government, actor- The cost of the Hawthorn is estimated at
<br /> In anticipation of TIF being a hot topic in hearing,and some new restrictions were add- ding to the Research Department of the Min 575.(M to 580,000 per unit,Goldman says,
<br /> the 1989 Legislature,the Senate Tax Subcom- ed to state law. But she said the Legislature is nesota House of Representatives.This is ac- which translates to a total of$10.5 million to
<br /> nnittee on Economic Development is holding holding hearings to determine what addi- conlplished by "capturing" the develop- S12 million.
<br /> public hearings to get input regarding what tional issues still need to be addressed. meet's increased assessed value in it TIF Goldman says construction on the Haw-
<br /> issues oftile law need addressing and possibly "This is it Study document Only:'she em- district. thorn could begin next autumn.
<br /> changing• phasized, "but this information will be TIF Edinborough's partners have been talking
<br /> Sen.Ember Reichgott was the chair atthe critical to the formulation of 1989 TIF topagc16 with Hawthorn for "a couple of months"
<br /> Lasalle says. Initial discussions took place at
<br /> a recent hospitality industry convention in
<br /> Normand,,-Je
<br /> of them is a planned two-phase development 550,M)square loot office development there, Phoenix, he notes. At the tinge, Hawthorn
<br /> that could get underway next year,according plans cal I fiir two 275,000 square foot was looking fiir a franchise operation that
<br /> to I3loonlington city officials. buildings to he constructed in separate would he willing to develop a hotel.
<br /> expm—isIon Greg H. Ingraham,a Bloomington senior phases. "We talked to then)about our site,but we
<br /> planner,says the city and Tran)nnell Crow are The second site is west ofTranunlell Crow's weren't interested in developing the hotel"
<br /> working on an environmental impact state- 8500 Tower,which opened in April.Crow's LaSalle saNs.
<br /> TRAMMELL CROW EYES nnent (EIS) for office developments on two tentative plan for the 7.3-acre parcel is a Although no lonrial proposals have been
<br /> 1989 OFFICE START land parcels adjacent to the firm's Norman- 3(X),(XX)square fixes office development.ac- made to the city, F.dina Plannin,:Director
<br /> dale Lake Office Park at Norltl:andtalC cording to the city's May report.One acre of Craig Larsen says, "We talked to some peo-
<br /> by Anthony Neely Boulevard(Highway 100)and 84th Street in that land is also in a 100-year flood plain and ple preliminarily about the suitability of a
<br /> _ Bloomington. is also not usable, the city document in- hotel"
<br /> One site is at the southeast corner of Nor- dicates.Trammell Crow has purchased three Hawthorn would purchase a.roughly
<br /> niandale and 84th. It's it 26-acre site, but parcels that make up the western site,actor- 3', -acre site from the Edina Housing and
<br /> ranm)ell Crow Co. is planning new about 16 acres of it is in it flood plain that is ding to the Bloomington Assessor's office. Rcdeyelopnlent Authority.(Thecity owns the
<br /> office projects totaling about S85 off limits to development,according town en- While market conditions will affect the land and sells pads to the developers as need-
<br /> million and 850,000 square feet for two vironmental assessment work_sheetprepared timing of both developments, Trammell cd.)To build the hotel,Hawthorn would have
<br /> undeveloped parcels adjacent to its Norman- by the city in May 1988. The:usable portion NORMANDALE EDINSOROUGH
<br /> dale Lake Office i'•ark in Bloonington.One is 10 acres.Traninnell Croy has proposed a IS
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