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MINNEAPOLIS-The Minneapolis City Council on Friday approved a $2million bridge loan for the development of the Midtown GlobalMarket, a key element to the Ryan Cos.' $190 million MidtownExchange renovation project. The site of the former 1.1-million-sfSears, Roebuck & Co. mall and mail order center, Midtown Exchange willinclude the headquarters of Allina Healthcare, a 136-room SheratonHotel, offices, 200,000 sf of retail, and more than 350 units ofrental and ownership housing. According to City Council records,the development is expected to generate about 2,500 jobs. The grandopening is slated for March 2006.

The approved bridge loan from the city has a 2% annual interestrate with interest only payments through 2007 and 30-yearamortization thereafter. The loan will be issued from FundEDP-Defaulted Property Administration, the capital fund used tofund activities related to the former Sears property.