City Council Meeting Date: July 9, 2024
To: Mayor and City Council
City Administrator
From: Nate Carlson, Economic Development Coordinator
Title
Approval of Redevelopment Grant Application to the Department of Employment and Economic Development (DEED)
Body
Action Requested:
The Northfield City Council makes a motion to approve a Resolution supporting the application for a redevelopment grant from DEED.
Summary Report:
Community Development plans to apply for up to $55,000 with the DEED Redevelopment Grant to help offset costs of the asbestos abatement within the Northfield News Building located at 115 5th Street. If you are interested, the detailed survey of the materials and recommended quote for the removal are included as attachments.
The Northfield News Building is currently under a purchase agreement with Loon Liquors, LLC to relocate the distillery to the building. The City Council approved the purchase agreement on April 23, 2024. The business has requested the city assist in the costs related to the asbestos abatement.
Background
Because there is often no incentive for the private sector to redevelop old industrial, residential, or commercial property when undeveloped parcels of land are available, public sector investment is required to induce private development of these difficult sites. Therefore, the Redevelopment Grant Program was established by the 1998 legislature to assist with complex and costly redevelopment projects that might not otherwise occur without public financial assistance.
Pursuant to Minnesota Statutes ?? 116J.571 - 116J.575, the Minnesota Department of Employment and Economic Development (DEED) has the authority to award grants to assist development authorities with eligible redevelopment costs as defined below:
Eligible Costs
* Public acquisition*
* Demolition costs (as defined by Minn. Stat. ? 116J.572)
* Interior Environmental Abatement (applicable in this application)
* Public Infrastructure Improvements**...
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