This year is a budget year. The redevelopment community always watches the level of funding for the Minnesota Department of Employment & Economic Development (DEED)'s Contamination Grant, Redevelopment, and Demo Loan programs. The Redevelopment Grant Program is nearly out of funds. Unfortunately, the program was not included in Governor Dayton's budget. 

Also proposed: a statewide New Markets Tax Credits Program (MN NMTC) modeled after the existing Federal program. There have been many successful projects completed throughout the lower income areas of Minnesota through the federal tax credit allocations, and a MN NMTC program will allow for additional projects that bring successful business growth and job creation and retention to each local community. Focus is on meeting the demand of business growth by providing capital for acquisition and renovation of buildings, new construction, and equipment purchases. This program is supported by the Economic Development Association of Minnesota, the League of Minnesota Cities, the Jobs Coalition, and the Saint Paul Port Authority. Also in discussion is a new statewide Land Assembly and Job Creation Program program, which will allow assembly from willing sellers of small contiguous properties into larger sites for development. There are also reports of a bill to increase funding to the state's drycleaner reimbursement account.

Thank you to DEED and SPPA for their assistance in preparing this update.