ST. PAUL, Minn. (AP) – A redevelopment deal has been reached for the former Ford Motor Co. plant in St. Paul that would feature thousands of new homes powered by renewable energy.
St. Paul Mayor Melvin Carter, Minnesota Gov. Tim Walz and other officials praised the final development deal with Ryan Cos. Tuesday.
Officials say the agreement will allow Ryan to buy the 122-acre vacant site from Ford.
Ryan will ask St. Paul for $53 million in tax-increment financing to help build out infrastructure. That amount is part of more than $92 million in public and private funding to be spent on infrastructure. It’s a smaller amount than what Ryan previously proposed, but the Star Tribune reports it’s possible the developer will ask for additional public funds.
Officials say the project will feature Minnesota’s largest urban solar array and hundreds of units of affordable housing. The deal requires City Council approval.