Submitted graphicAn artist’s rendering of the proposed exterior of a five-story apartment complex planned by Gaughan Companies for the old city hall site in Forest Lake.
After engaging in a preliminary development agreement with the city last summer, local developer Gaughan Companies presented earlier this month a proposal for a five-story, upper-scale, 101-unit apartment complex, along with a restaurant, to be built on the site of the old city hall at 220 Lake St. N. A split Forest Lake City Council approved a final development agreement with Gaughan on Jan. 23.
Gaughan’s proposal takes advantage of the city’s offer to sell the property for a dollar to the right developer but would also request that the city establish a 14-year tax increment financing district to help pay for the infrastructure improvements that would need to occur in the area before the apartments could be built. If, for some reason, Gaughan does not
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