DEED awards $2.16 million for redevelopment projects
18 Oct 2018
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Eight blighted sites targeted for cleanup and redevelopment
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.
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Tom Lambrecht