Just How Much Value Has Redevelopment Brought to Hopkins?

Redevelopment is a huge focus in . The community has no undeveloped properties, so builders must look to existing sites whenever they want to bring in something new.

This has brought residents new places to live, new places to work and new places to play. But just as importantly, the values of redeveloped properties have surged—taking some of the tax burden off local homeowners. When the Marketplace & Main project is fully online, Hopkins should have about a 600 percent increase in values for its six tax increment financing districts, according to a presentation at Tuesday’s City Council work session.

(TIF districts take advantage of increased values that result from redevelopment by “capturing” the extra tax revenue coming in and using most of it within a specific area. for more details.)

While neighboring St. Louis Park saw about the same increase for its TIF districts, this level of growth can't be taken for granted.

“Not everyone achieves that,” said Stacie Kvilvang, a financial advisor at Ehlers Inc. “It’s really showing you for a short-term investment, you’re really getting a long-term gain.”

Here’s a look at how those values have grown.

Not immediately available

*Marketplace & Main is still under construction.

SOURCE: City of Hopkins, Ehlers Inc.

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