City Council Meeting Date: March 1, 2022
To: Mayor and City Council
City Administrator
From: Revee Needham, Assistant City Planner
Title
Consider Resolution of Support for the Southern Minnesota Initiative Foundation (SMIF) Main Street Revitalization Grant Application to the Department of Employment and Economic Development (DEED).
Body
Action Requested:
The Northfield City Council Approves a Resolution of Support for the Southern Minnesota Initiative Foundation (SMIF) Main Street Revitalization Grant Application to the Department of Employment and Economic Development (DEED).
Summary Report:
The Minnesota Department of Employment and Economic Development (DEED) Main Street Economic Revitalization Program was approved by the Minnesota Legislature and signed by Governor Walz on June 29, 2021. A total of $41 million is available in this second round of funding. This program, through a Request for Proposals, will make grants to nonprofit partner organizations to fund 30% matching grants?up to $750,000 and guaranteed loans up to $2,000,000 to eligible recipients for eligible projects that are?designed to address the greatest economic development and redevelopment needs that have?arisen in communities across Minnesota since March 15, 2020.
The only types of organizations eligible to submit a proposal for the grant funding as a partner organization are: Foundations engaged in economic development, Community development financial institutions, and Nonprofit organizations engaged in housing and commercial development. After being awarded the grant funding, the partner organization will then administer grants locally in a defined service area for eligible uses. Local governments cannot receive funding from this program.
Eligible uses for the grant funding include:
* Repair, or renovation of real property
* Building construction
* Landscaping and streetscaping
* Demolition and site preparation
* Predesign and design
* Engineering
* Infrastructure
* Related s...
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