(Renville MN-) The Minnesota Department of Employment and Economic Development (DEED) today announced more than $2 million in grants and loans awarded from the Redevelopment Grant and Demolition Loan Program.
DEED awarded four Redevelopment Grants to Alexandria, Minneapolis, Plymouth and Renville, and three Demolition Loans to Beaver Bay, Herman, and Springfield.
“These awards will generate more than $250 million in private investment and are expected to create 190 new jobs,” said Governor Tim Walz. “These grants and loans allow developers to take previously unused sites and turn them into high-demand housing, employment, and services developments.”
“Redevelopment is a costly and time consuming process,” said DEED Commissioner Steve Grove. “We want to make sure that communities across the state have access to this program. That’s why we’ll have an additional grant round – with nearly $4 million available – in the early part of 2020.”
The Redevelopment Grant Program helps communities with the cost and 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% local match required.
The Alexandria Economic Development Authority was awarded $350,000 in Redevelopment Grant funds for demolition and infrastructure improvements on a 2.31-acre site. This site will be redeveloped to a four-story, mixed-use building offering 23,450 square feet of retail and professional space, 75 apartments and one level of underground parking. It is anticipated this project will create 37 jobs and increase the tax base by $209,847.
The city of Renville was awarded $49,435 in Redevelopment Grant funds for asbestos abatement, demolition, and sidewalk replacement on a 1.3-acre site. This site will be redeveloped with an approximately 5,000 square foot county-owned clinic. It is anticipated this project will create 4 jobs and retain 5 jobs.