News Flash

TIF: Tax-Increment Financing

Posted on: October 7, 2019

Tax-Increment Financing Helped Create Iconic Edina Spaces

Tax-increment financing (TIF) has been used to help create some of Edina’s most iconic and beloved spaces. Without this financing tool, these projects likely never would have happened in the way Edina residents and visitors experience them today.

50th and France50th & France

When: 1970s
TIF used for: Public parking and reconstruction of original sidewalks and streetscapes, including lighting.
Result: Improvements made 50th & France more appealing to business owners and shoppers, helping transform the small business district into a premier high-end shopping destination.

Edinborogh ParkEdinborough Park

When: Mid-1980s
TIF used for: Site acquisition and development.
Result: Mid-rise office building, high-rise senior housing building and hotel, all connected to an indoor public park and event space with additional outdoor park space. The original event space and ice rink were replaced in 2003 by a children’s indoor playpark. Edinborough Park also includes an indoor swimming pool, fitness area and amphitheater for public use.

Grandview Square ParkGrandview Square

When: Early 2000s
TIF used for: Site acquisition and cleanup of environmental contamination on 12 acres and installation of infrastructure.
Result: New office building, condominiums and new public building housing a branch of the Hennepin County Library and the Edina Senior Center. The buildings encircle an outdoor public plaza used by visitors and residents. “Egghead,” a sculpture by Kimber Fiebiger, was later installed in the center of the plaza.

Centennial Lakes ParkCentennial Lakes Park
When: 1980s-2000s
TIF used for: Purchase of 51-acre former gravel pit and industrial site south of Southdale Center and holding property until the market was ready for each phase of development.
Result: Six office buildings, 250 condominiums, 96 luxury townhouses and a multi-tenant retail center built around the City’s crown jewel 25-acre outdoor park. The project has been nationally recognized for excellence in redevelopment.

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Posted on: November 25, 2019