Funding approved for North St. Paul, Roseville and St. Paul Port Authority
ST. PAUL, MN – November 19, 2009 – (RealEstateRama) — Three projects in the Twin Cities area received a total of $1.8 million in grants to help offset the cost of reclaiming and redeveloping blighted property.
The funding was awarded to North St. Paul, Roseville and the St. Paul Port Authority under the Redevelopment Grant Program administered by the Minnesota Department of Employment and Economic Development (DEED).
“This program is an important part of our strategy for encouraging redevelopment and creating jobs in Minnesota,” said DEED Commissioner Dan McElroy. “With the help of this funding, 65 full-time jobs will be created and another 236 jobs retained.”
McElroy said redeveloping blighted areas can be difficult because of the costs and complications associated with cleaning up polluted land. Without the financial incentives offered through the Redevelopment Grant Program, new development on blighted sites would be unlikely to occur, he said.
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, which are awarded twice a year, can be used to pay for land acquisition, demolition, infrastructure and other project-related improvements. Recipients must provide matching funds.
Since its inception in 1998, the Redevelopment Grant Program has awarded more than $50.9 million, funded 110 projects statewide and reclaimed 1,060 acres of blighted property. The program has created 10,093 new jobs, retained 8,166 existing jobs and generated $22.2 million in new tax revenue. The program has attracted more than $1.9 billion in private investment and led to the creation of 2,431 units of market-rate housing and 980 units of affordable housing.
The following projects received funding in the latest round:
Redevelopment Grant Program Awards
November 2009
City of North St. Paul, Seventh Avenue Redevelopment – $304,700
The city of North St. Paul received $304,700 for demolition and infrastructure costs associated with redeveloping this 1.42-acre site that was formerly an automotive service station and commercial building. The site will be redeveloped into a 12,000-square-foot building to accommodate the relocation and expansion of Reflex Medical Molding. This project is expected to create five jobs, retain 11 jobs and increase the tax base by $35,380. Other funding for this project will come from tax increment financing (TIF).
Local contact: City of North St. Paul, Wally Wysopal, 651-747-2421
City of Roseville, Twin Lakes – $1 million
The city of Roseville received $1 million for additional land acquisition and for roadway and infrastructure improvements related to the second phase of the Twin Lakes project. The 60.8-acre site, which had been used as a truck terminal since the 1950s, will be redeveloped into 90,000 square feet of office and service space. TIF was also a source of funding for the project.
Local contact: City of Roseville, Jamie Radel, 651-792-7072
St. Paul Port Authority, Forest and East Seventh streets – $519,018
The St. Paul Port Authority received $519,018 for demolition and infrastructure costs associated with redeveloping this property. The 11.83-acre site, which previously housed foundries, a lumber company and part of the 3M campus, will be redeveloped into 150,000 square feet of commercial/light industrial space. This project is expected to create 60 jobs, retain 225 jobs and increase the tax base by $138,464. Other sources of funds for this project include a federal Economic Development Administration grant and/or bonds.
Local contact: St. Paul Port Authority, Monte Hilleman, 651-204-6237
Upon request, the information in this news release is available in an alternative format
such as Braille, large print, audiotape, or computer disk.
Contact: Kirsten Morell, 651-259-7161
Kirsten.Morell (at) state.mn (dot) us
