Minneapolis downtown recovery push aims to ease rising property taxes

Minneapolis downtown recovery push aims to ease rising property taxes Ben Henry KSTP (FILE/KSTP-TV) Minneapolis is renewing its downtown recovery push as city leaders look to raise building values and ease pressure from rising property taxes. From boosting jobs, cutting red tape, to launching new initiatives for those looking to expand and build in Minneapolis, some of these efforts are underway. The city is working to revamp millions of square feet of empty downtown office space as slumping building values place a bigger tax burden on residents. The city recently launched what it calls In Minneapolis , which connects people directly to downtown property opportunities and is aimed at helping businesses grow, build, host, and invest in Minneapolis. The city also said these changes are making the process of office-to-residential conversion projects take less time, such as the one underway at the Grain Exchange. “Our goal is to be the easiest city to work with in the state, and aspire to be the easiest city to work with in the country,” Erik Hansen, director of Community Planning & Economic Development for the City of Minneapolis, said. Hansen said Minneapolis is competing with other cities including Denver, Cleveland, Dallas and Atlanta. He said buy-in from across the community is key to downtown’s recovery. “We’re focused on what strategies we can do [to] leverage activation. So, how do we activate buildings? How do we activate the streets, and how do we activate, like, you know, commercial activity [in] downtown,” Hansen added. Larry Abdo, of Abdo’s Markethouse, has lived and worked in downtown Minneapolis for decades. He said he wants to see the city center thrive, but knows there is a lot of work ahead to make that a reality. He said that downtown needs a mix of housing, jobs, and more investment from current downtown tenants, as the city works to rebuild activity. “Mostly we have got assets that need to be opened up again, generating income again, generating, you know, people,” Abdo said. “This is my home. You know, I’m going to defend it.” The mayor has proposed $25 million for continued economic development work in next year’s budget for the city, which would continue to support this work.