St. Paul approves Galtier Plaza TIF: $4.56M note + $650K forgivable loan

On June 10, 2026, the Saint Paul Housing and Redevelopment Authority (HRA) adopted resolutions approving a Galtier Plaza tax-increment financing (TIF) plan—setting up the conversion of a mostly vacant downtown office building into new housing.

What the HRA approved on June 10 (RES 26-926)

The HRA board adopted RES 26-926, which includes approving and authorizing:

• Creation of the Galtier Plaza TIF district in the Seventh Place Redevelopment Project Area
• Adoption of the TIF plan for the district
• Execution of a tax increment development agreement and related documents, including issuance of a TIF note and a forgivable spending plan TIF loan

The vote was 7-0.

Project basics: 175 Fifth St. E. → 166 apartments

The TIF is tied to redeveloping 175 Fifth St. E. The project presentation describes converting the office into 166 units:

• 29 studios
• 82 one-bedrooms
• 55 two-bedrooms

The presentation also lists improvements beyond the units, including work connected to the skyway and sidewalks.

How the TIF financing is structured

In the HRA’s project materials, the financing uses a pay-as-you-go structure paired with a smaller component that is described as forgivable.

• $4.56 million TIF Pay-Go Note: The plan describes pledging 65% of the tax increments collected by the HRA, with an estimated principal amount of $4,560,000.
• $650,000 Temporary TIF Spending Plan Forgivable Loan: Described as 0% interest, a 42-month term, with funds required to be disbursed by 12/31/26. The presentation also describes the loan as forgivable upon project completion.

Affordability targeting (what “60%–100% AMI” means here)

The presentation says Galtier Plaza will not be restricted by income, but initial rents will be affordable to households with incomes from 60% to 100% of Area Median Income (AMI).

Timeline residents can watch

The presentation describes the schedule expectation as: construction is anticipated to start later in June and be completed in fall 2027.

So the key practical next steps for residents are to track whether the project moves from an HRA-approved financing package into actual construction and permitting milestones.

Sources

• Saint Paul HRA meeting minutes (final) — June 10, 2026, RES 26-926 (Galtier Plaza TIF)
• City of Saint Paul — Notice of Public Hearing (Galtier Plaza TIF District)
• Finance & Commerce — “Bigos nears financing for St. Paul office conversion” (June 2026 local reporting)