The Metropolitan Council located in the state of Minnesota approved a pivotal economic development grant that is valued at approximately $26 million dollars.
The money will be utilized for expanding the metro transit way region as new jobs are created in the community. The TOD Fund or the Transit Oriented Development Fund will be utilized for development purposes near the bus routes and the rails. The projects will have a few important features such as having mixed use, a density that is high and will be designed for the sole purpose of being pedestrian friendly.
The Metropolitan council chair named Susan Haigh elaborates on the projects being a priority as the job growth and development in the region has been struggling around the region. Susan also proclaims that the increase of new jobs in the area will lead to a better allocation of resources and will overall lead to an expansion in Minnesota. Haigh finally points out that the grants will lead to the attraction of brand new employers who can establish themselves in the region. The grants will be able to expand the economy in the state of Minnesota.
The TOD Fund also integrates three important features such as the transit, housing and the amount of jobs. The Livable Communities program is also connected with the fund as it was created by the legislature in the year 1995 and has some of the same goals such as the creation of jobs, housing that is affordable and that the development is efficient and compact.
The TOD fund will also utilize resources so that the infrastructure can be developed. The development of the transit area will also have a variety of benefits such as increasing the riders of transits and assisting workers from getting back and forth to work.
Overall, the economic development grant will assist the community around the transit regions.