DEED Awards $2 Million in Redevelopment Grants and Loans

Monday, April 22, 2019

Five sites Awarded Funding for Demolition and Redevelopment

DEED awarded four redevelopment grants for the cities of Mankato, Minneapolis, Woodbury and Edina. Fergus Falls Port Authority was also awarded a Demolition Loan from the agency.

“Redevelopment can be a costly and time-consuming process for local municipalities,” said Governor Tim Walz. “With DEED’s assistance, these projects will attract or retain 455 jobs and increase the local tax base by as much as $1.76 million.”

“Turning blighted and underutilized sites into productive uses is a good investment,” said DEED Commissioner Steve Grove. “The criteria for DEED’s Redevelopment Grant Program and Demolition Loan programs ensure that awarded projects provide the highest return in public benefit for the public costs incurred.”

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 50 percent local match required.

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