DEED Awards $2.16 Million for Redevelopment Projects
Zeke Fuhrman | Oct 5, 2018 AT 10:06 am
ST. PAUL – The Minnesota Department of Employment and Economic Development (DEED) awarded $2.16 million in grants and loans for eight redevelopment projects in Minnesota.
The agency awarded seven grants under its Redevelopment Grant Program for projects in Battle Lake, Edina, Fridley, Mankato, Minneapolis (two) and Winona. In addition, DEED approved a loan from its Demolition Loan Program for a project in Braham.
The projects will create or retain 1,822 jobs and increase local tax bases by $2.6 million.
“Redevelopment grants and loans are a good taxpayer investment, with the latest round of projects attracting $151.8 million in private money,” said DEED Commissioner Shawntera Hardy. “A new corporate headquarters, apartments, offices and commercial space are among the projects that developers are planning to develop.”
The Redevelopment Grant Program helps communities with the costs of redeveloping blighted industrial, residential or commercial sites for planned projects. Grants pay up to half the redevelopment costs for a qualifying site, with a 50 percent local match required.
The program has awarded more than $67.3 million for 185 projects since it was created 20 years ago. Nearly 1,300 acres of blighted property have been returned to productive use in Minnesota with the help of program funding. Nearly 27,800 jobs have been created or retained over the history of the program. Read more about the Redevelopment Grant Program on the DEED website.
The Demolition Loan Program helps development officials with the costs of demolishing blighted buildings on sites that have future development potential but where there are no current development plans. Low-interest loans can pay up to 100 percent of demolition costs for a qualifying site and can be used for site acquisition costs. Go to the DEED website for more details about the Demolition Loan Program.
Battle Lake – Hatchery Row
The city of Battle Lake was awarded $171,186 in Redevelopment Grant funds for asbestos abatement, demolition and infrastructure costs on a 0.42-acre site. The site will be redeveloped with an 18,000-square-foot building offering a mix of office space, brewery space, a museum and six apartment units. The project is expected to create 17 jobs, retain 20 jobs and increase the tax base by $105,821. Matching costs will be covered by tax increment financing