Senator Frentz Announces Mankato Redevelopment Grant
Sen. Nick Frentz (DFL-North Mankato) is pleased to announce the Minnesota Department of Employment and Economic Development (DEED) has awarded $67,115 in Redevelopment Grant funds for 507 N. Riverfront Drive.
The funds will be used for asbestos abatement, demolition and infrastructure costs on the .31-acre site. The site will be redeveloped into a three-story, mixed-use building offering nearly 3,000 square feet of commercial space and 13 new apartments.
“Everybody who is proud of our local economy should see that this is great news for Mankato,” Sen. Frentz said. “Not only will this redevelopment project provide more housing and commercial space, the project is expected to create a number of new jobs, retain several existing jobs, and increase our tax base by $26,500.”
The Mankato project is one of seven grants to help communities across the state with the costs of redeveloping blighted industrial, residential or commercial sites for planned projects. Grants pay up to half the redevelopment costs for a qualifying site, with a 50 percent local match required.
“Redevelopment grants and loans are a good taxpayer investment, with the latest round of projects attracting $151.8 million in private money,” said DEED Commissioner Shawntera Hardy. “A new corporate headquarters, apartments, offices and commercial space are among the projects that developers are planning to develop.”
The program has awarded more than $67.3 million for 185 projects since it was created 20 years ago. Nearly 1,300 acres of blighted property have been returned to productive use in Minnesota with the help of program funding. Nearly 27,800 jobs have been created or retained over the history of the program. Read more about the Redevelopment Grant Program on the DEED website.