Minnesota to launch second round of Main Street Economic Revitalization funding
Up to $41 million in economic redevelopment funds are available.
The Minnesota Department of Employment and Economic Development says it will launch the second round of Main Street Economic Revitalization program funding on Thursday, Jan. 27.
The $80 million statewide economic redevelopment program will award grants to partner organizations to establish programs targeting specific main streets and commercial corridors within their regions that will, in turn, fund economic development and redevelopment projects.
A total of $41 million will be available in this second round of funding.
Projects will address the greatest needs that have arisen in our communities since March 15, 2020 and spur economic revitalization across Minnesota, according to DEED in a news release on Tuesday, Jan. 18. The program was approved by the Minnesota State Legislature and signed by Gov. Tim Walz on June 29, 2021.
“In the second round of this program, we are looking to expand on the efforts to help Minnesota recover from the crisis of the last two years,” DEED Commissioner Steve Grove said in the prepared statement. “Not only will these investments create jobs, they will also help energize economic revitalization throughout communities across Minnesota.”
Proposals will be accepted from eligible partner organizations, which include foundations engaged in economic development; community development financial institutions; and nonprofit organizations engaged in housing and commercial development. Request for proposals will open at 3 p.m. on Jan. 27 and be due by 4 p.m. Feb. 28.
DEED says it will hold an information session to provide more information about the program at 11 a.m. Feb. 8.
Partner organizations selected for grants will then launch programs within their communities to provide grants and loans to businesses, nonprofit organizations and developers – funds which can be used for the demolition, repair, renovation and construction of eligible projects.
A total of $80 million is available in grants to partner organizations. $38 million was awarded in the first round and up to $41 million will be available in this second round. It is expected that at least half the funds in the second round will be awarded to partner organizations serving communities outside the Twin Cities metropolitan area.
“This is a unique opportunity for nonprofit partner organizations to lead revitalization efforts in their communities,” said DEED Deputy Commissioner of Economic Development and Research Kevin McKinnon. “We hope to see a broad range of creative proposals.”