July 24, 2020 at 10:34 a.m.
Lindstrom peninsula building site to linger longer
Lindstrom peninsula building site to linger longer
This won’t be the first time the site has seen progress stand still. According to the Lindstrom Walking Tour Guide, the site was foreclosed on in 1932 and wasn’t purchased and reopened until 1946.
The old Dinnerbel supper club found rebirth in more recent years as Meredee’s Bistro, until it was sold to a metro area real estate group. Northland applied for permits and variances and announced a 90-plus apartment unit complex, with a restaurant and marina on South Lindstrom Lake, among other amenities for the site. The apartments on the upper floors of the woodframe building emptied out over two years ago, and there were sales of everything from restaurant equipment to dishware and even the potted plants.
Lindstrom Council has seen project summaries with updates on this site in planning information packets for years, reporting that the “developer is seeking financing.”
At the city council meeting staff announced the developer, Northland, is now working with HUD and no movement should be expected until at least next year.
Meanwhile-- motivated by the Meredee’s site’s early redesign, the city council was then stuck with trying to resolve a dilemma being created for the motel across the highway. Now would be the time for Lakeview Motel to be acquired and become a public open space, it was decided.
The city is using proceeds from the $6,690,000 bond package that council approved sale of last week.
Lakeview is on North Lindstrom Lake, the westbound side of Highway 8, which is a one-way pair design. Proposed layouts showing highway access and traffic controls, for the Northland development, had the net result of restricting vehicles’ entry and exit from the motel.
The owner was agreeable to have the property bought-out. The city moved forward on bonding for this and for constructing the new Lindstrom Fire Hall. Council member David Waldoch was the lone no vote.
The fire department is moving to land owned by the city across from city hall and west of Plastic Products’ plant.
As for the bond sale, Lindstrom Council approved the bid presented by Ehlers public finance advisors from Bernardi Securities of Chicago, IL The interest rate with all coupon, discount deducts accounted for is 1.6726 percent. Shelley Eldridge advised this was better than what was estimated and will mean Lindstrom pays about $233,000 in interest payments--less than estimated-- over the life of the bond.
Eldridge added Lindstrom’s rate was the lowest she’s seen in two years. Lindstrom’s bond rating is double-A as calculated by Standard & Poors.
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