HomeMy WebLinkAbout1978 02-21 City will issue bonds for shopping center DISPATCH City will issue bonds
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for shopping center etb9j1
Maplewood will issue$2.1 mil- State approval means that
lion in revenue bonds to help Maplewood will issue$1.6 mil-
finance a 45,000-square-foot lion in revenue bonds for the$2.3
shopping center and a family- million shopping center and
type restaurant. $500,000 in revenue bonds for
the restaurant.
APPROVAL FOR the revenue Completion of the shopping
bond issues were recently ap- p pping
proved by the Minnesota Depart center is expected in December
ment of Economic Development. while the restaurant should be
finished in May. Maplewood,un-
Those business enterprises re- der terms of the loan agree-
ceiving the backing of the city's ments,will lend proceeds of the
revenue bond issues are Maple- bond issues to the developer.
wood Square Associates, 2125 De
Soto Ave.,St.Paul,and Denny's The developers will repay the
Restaurant. loan over 15 to 20 year periods.