U signs 40-year lease for gravel mining at its UMore Park site

According to Finance & Commerce today, the University of Minnesota has finalized a 40-year lease for gravel mining at the site of its UMore Park project in Dakota County.

The deal will bring more than $100 million to the university over the term of the lease. The lease covers 1,722 acres, or about one-third of the 5,000-acre site.

The UMore lease is signed with Dakota Aggregates LLC, which is owned by Mendota Heights-based Cemstone Products Co. and Burnsville-based Ames Construction.

The university has long-range plans for the site that include  “a university-founded community where people can live, work and play.” The U of M has outlined a community of 25,000 to 30,000 residents that would be developed over 25 to 30 years.