REGIONAL– The Northland Foundation has received a $4.28 million grant as part of the Mainstreet Revitalization program through the state Department of Employment and Economic Development …
REGIONAL– The Northland Foundation has received a $4.28 million grant as part of the Mainstreet Revitalization program through the state Department of Employment and Economic Development (DEED).
This $80 million statewide economic redevelopment program, distributed through two rounds of funding, awarded grants to partner organizations to establish programs within specific communities that will, in turn, fund economic development and redevelopment projects. This was the second round of grants, and it awarded over $40 million to organizations across Minnesota. The Duluth-based Northland Foundation was one of 14 non-profit organizations or foundations awarded funding in this final round.
The money will eventually be available to assist potential partners in northeastern Minnesota communities and tribal nations served by the Northland Foundation. Northland President and CEO Tony Sertich said his organization is thrilled with the award, which was the third largest grant among the 14 entities receiving funds.
Specifics about where the funding might end up, who might qualify, and how area organizations or businesses might be able to apply for the dollars from Northland remains up in the air for now. “We won’t know the specifics until we see the actual grant award,” said Sertich. “We first had to show there was a need. Now, we have to have a process [for allocating the funds].”
According to a statement from DEED, organizations, like Northland, that receive grant funds from this program will use the funds to establish their own funding program within their service area to provide assistance to eligible recipients and projects. Once programs are established, partner organizations can offer grants up to $750,000 per project or up to $2 million in guaranteed loans. Leveraged grants can cover up to 30 percent of the project cost. Guaranteed loans will be guaranteed by the state up to 80 percent of the value of the loan. Leverage grants and guaranteed loans can be used by eligible recipients for the following:
• Repair, or renovation of real property.
• Building construction.
• Landscaping and streetscaping.
• Demolition and site preparation.
• Predesign and design.
• Related site amenities.
Sertich said the Northland Foundation will be issuing more information about their application process and criteria once it’s developed.
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