A developer is seeking more than $107 million in public financing to redevelop the vacant Ford plant site in St. Paul.

Executives of Minneapolis-based Ryan Cos. said the public investment is needed to achieve a "bold master plan" for the 122-acre site in the Highland Park neighborhood.

The money would go toward infrastructure, green space and 760 units of affordable housing.

St. Paul's Housing and Redevelopment Authority revealed Friday that Ryan had asked for $107 million in public subsidy.

The St. Paul Pioneer Press reported that figure would be the equivalent of taking an entire year of general fund property taxes from every property owner in the city.

City Council member Chris Tolbert said the request starts the process, and the amount could be amended.

A rendering of an aerial view of Ryan Cos.' concept for the Ford site in St. Paul. Courtesy of Ryan Cos.

St. Paul Mayor Melvin Carter told MPR News a request for some public investment was expected due to the project's scale, and emphasis on affordable housing and sustainability.

"Now that their application is submitted, our city staff is working around the clock to do the due diligence that's required on any ask, but particularly a request for a subsidy of that size," he said.

"Our city's goals have always been affordable housing and sustainability, those have always been our primary goals there, and so we're going to owe it to our residents and to our community members and to our taxpayers to demonstrate that the public investments that we make are closely tied to those goals," Carter said.

Ryan Cos. issued a statement saying that the company "is requesting public investment only for public spaces, infrastructure, and affordable housing, but not for any privately-owned projects, unless they are to serve the mission of affordable housing.

"Through this public-private partnership we hope to break ground by late 2019 and bring over a billion dollars of private investment to the site."

The company said more than 50 acres at the site would be devoted to public and green space.

Ford stopped making vehicles at the site a decade ago.

MPR News reporter Jon Collins contributed to this report.