Ramsey County to commit $26M for river project

• In addition to $26 million from its own budget, Ramsey County is making a $26 million bonding request to the Legislature. The money would be used for the park.

Yes, but: Attracting additional financing for the project, a mix of residential, office and hotel, still faces plenty of hurdles, some of which have been made tougher since the pandemic.

• St. Paul's office vacancy has crept up to 26% in the era of hybrid work, according to commercial real estate firm Cushman & Wakefield.
• The Twin Cities hotel market has remained sluggish.
• The city's new rent control policy has caused many developers to pause their projects, even with a 20-year exemption for new construction.

Plus: Ramsey County still doesn't have a commitment from Union Pacific and Canadian Pacific railroads for air rights above their tracks.

What they're saying: A Ramsey County spokesperson told Axios negotiations with the railroads are ongoing and the funding is an "important first step" in the process.

• Ramsey County Board Chair Trista MatasCastillo said in a press release that the county and city investment would "encourage additional private investment" in the project.