Mayor Chris Coleman today (September 26, 2016) released the following statement regarding the closing of sale of The Penfield to JLL Income Property Trust:
“Today is a great day for Saint Paul – and is a testament to the strong economic momentum we are experiencing as a city. We made the decision to invest in the Penfield at a time when the Recession had hit Saint Paul especially hard. Evidence of the investment’s success is not just in the multi-million dollar profits that can now be reinvested into growing jobs and further strengthening our economy, but in the fact that it helped prove the market for real estate downtown and has spurred multiple other redevelopments in the area. I couldn’t be more thrilled with this outcome and know it will lead to additional growth for our economy moving forward.”
With the decertification of the Penfield tax increment financing district, the property will fully go back on the tax rolls and sale proceeds will return funds to the HRA that can be recycled for other priorities throughout the city.