DULUTH, MN (KDAL) – An agreement announced on Wednesday between the City of Duluth and Dr. Eric Ringsred will allow for the demolition of the Pastoret Terrace building in downtown Duluth.
The decayed and fire damaged property, the former Kozy Bar and apartments, has been boarded up and fenced in for years while the lengthy litigation was ongoing.
The settlement includes a 1.4 million dollar fund established by the City to provide grants and low interest loans for investment and repair of other buildings in the Duluth Commercial Historic District with those on the First Street corridor receiving priority.
Under the settlement the Duluth Economic Development Authority (DEDA) will make up to 700 thousand dollars available for Ringsred and his organization “Respect Starts Here” for investments in buildings they control in the district.
The City of Duluth hopes the agreement will ignite the rehabilitation and enrichment of the historic downtown area.
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