DEED Awards $1.7 Million for Redevelopment; Projects Expected to Create or Retain 5,700 Jobs

Press Release

The Minnesota Department of Employment and Economic Development (DEED) awarded four grants and one loan for redevelopment projects in Minnesota that are expected to create or retain more than 5,700 jobs.

The agency awarded $1.6 million from its Redevelopment Grant Program for two projects in Minneapolis and two others in Edina and Mankato. In addition, Renville received a $100,000 loan from DEED's Demolition Loan Program.

"These funds are being put to good use cleaning up blighted properties, and breathing new life into our communities," said Governor Mark Dayton, who working with the Legislature in 2013 invested $9.6 million in DEED's redevelopment account. "Local economies stand to benefit greatly from these efforts. The thousands of jobs these projects will create and support are well worth the investment."

"Redevelopment grants and loans are effective tools for encouraging economic development and new jobs," added DEED Commissioner Katie Clark Sieben. "A new hotel, commercial buildings, housing and mixed-use development soon will be under way thanks to this round of funding."

The Redevelopment Grant Program helps cities, counties and other units of government pay for up to 50 percent of the cost of redeveloping blighted industrial, residential or commercial properties. The grants can be used to pay for demolition, infrastructure and other project-related improvements. Recipients must provide matching funds.

The Demolition Loan Program helps communities with the costs of demolishing blighted buildings on sites that have future development potential but where there are no current development plans.

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