Oakdale is undergoing a major makeover. The city is redeveloping underutilized and blighted areas around Tanner’s Lake and at the Oakdale Mall. The two projects will infuse more than $65 million into the local economy – creating 325 jobs in the construction, labor, retail, office, commercial, and medical sectors!
•Tanner’s Lake. Spending time at the lake is about to get even better. The project will remove three vacant buildings and replace them with high-quality commercial, housing, retail, and public spaces. The improved lakeshore should be fun for residents and visitors alike. The improved site will include a restaurant and pavilion along the shore.
•The Oakdale Mall. In recent years, the Oakdale Mall has become an eyesore. The renovated mall will include senior housing and 125,000 square feet new development. Mixing housing and commercial development will increase the vitality and livability of the area for years to come!
The support of Governor Mark Dayton and the DFL legislature was critical to the redevelopment of these blighted sites. This past spring, the Governor and the legislature passed a bill allowing the city of Oakdale to create a tax increment finance district (TIF). The technique, which is used by local government across Minnesota, allows Oakdale to use the increased tax value of the improved sites to pay for the initial renovations.
Supporting local projects is critical to growing Minnesota’s economy, which is why Governor Dayton supports economic development opportunities across our state. Some of the biggest projects from last legislative session included:
•The Mayo Clinic: Destination Medical Center. The project is expected to attract $6 billion in private investment, create 35,000 to 45,000 jobs, and ensure Rochester remains a premier global medical destination.
•3M Expansion. The creation of a new TIF district in Maplewood is going to help 3M construct a $150 million, 400,000 square-foot research and development lab – creating create 700 permanent jobs.
Projects like these are great way create good jobs for Minnesotans and demonstrate the power of collaboration between government and the private sector.