The Minnesota Department of Employment and Economic Development has awarded grants totaling $1.43 million for five redevelopment projects that are creating or retaining 659 jobs.
The Redevelopment Grant Program funding for the cities of Austin, Duluth, Elbow Lake and St. Paul can be used for demolition, infrastructure and other project-related improvements.
The fifth grant was made under the Demolition Loan Program to the City of St. James. Funding under this program can be used to pay for the costs of demolishing blighted buildings on sites that have future development potential but no current development plans.
St. James is getting $325,000 for the abatement and demolition of a former 1.43-acre hospital site that has potential for commercial or residential use.
The City of Duluth Economic Development Authority is getting $250,000 in redevelopment funds for demolition and public infrastructure of the 2.7-acre Harbor Bay Flats site. The redevelopment plan that is expected to create 36 jobs calls for a six-story mixed-use building on the site with 148 apartments and 13,000 square feet of retail space.
The St. Paul Port Authority is getting $275,000 for demolition and stormwater infrastructure on the Midway Stadium site which is being redeveloped into a 189,000-square-foot light industrial building. This project is expected to create 63 jobs and retain 126 jobs.
The City of Austin is getting $375,000 for the Oak Park Mall redevelopment project. The 29.25-acre site is being redeveloped into an 85,000-square-foot grocery store that will create 55 jobs and retain 345 jobs. The City of Elbow Lake is getting $200,000 for demolition and public infrastructure on a 0.34-acre site that is being redeveloped into a two-story office building that will create four jobs and retain 30 jobs.
DEED Deputy Commissioner Kevin McKinnon said in a release announcing these grant awards that DEED’s latest round of redevelopment grants will encourage new jobs and economic development in five Minnesota communities. McKinnon added that this program has a proven track record, helping to create or retain nearly 25,000 jobs in the state since it was launched 17 years ago.
The Redevelopment Grant Program has awarded more than $64 million in state funding to projects that have reclaimed 1,220 acres of blighted property in Minnesota. These projects have generated a combined total of $2.1 billion in private investment, created 9,495 jobs and retained 15,205 jobs. Not to mention 1,833 units of affordable housing, 3,033 units of market-rate housing, and $35.6 million in new tax revenue.