An $80 million dollar program, aimed at redeveloping economic corridors, impacted by the pandemic, civil unrest, and other challenges may be coming to an end.
On Tuesday, the Department of Employment and Economic Development (DEED) awarded the last of its funding, totaling $41 million dollars, to fourteen non profit organizations, across the state. Those organizations will use the funds to address community needs that have risen, since the pandemic started.
Who received funding?
The Minneapolis Foundation received the most money, about $17 million, which it says will be used to support businesses, impacted by social unrest.
Another Twin Cities organization receiving funds is the Center for Economic Inclusion (CEI). The Center for Economic Inclusion is a nonprofit organization focused on building racially inclusive and equitable regional economies. CEO, Tawanna Black, says she is excited to receive $1 million dollar grant from DEED.
"This investment allows us to focus on businesses within half a mile of the central corridor," said Black. "We need to ensure those businesses have an opportunity to not only repair harm that's been done, but really looking at how we address wealth extraction that's occurred within our communities over generations."
In central Minnesota, the Initiative Foundation of Little Falls, received $4.5 million dollars and plans to support economic recovery projects in surrounding down towns.
"There is an opportunity for affordable housing," said Matt Varilek, president, of the foundation. "We are also looking to redevelop facilities that can be home to childcare. Affordable childcare is such an important issue, both for children and for businesses, so that workers can find places to take their kids during the day." The foundation is also hoping to add entertainment venues in some down towns, hoping to bring foot traffic.
And in the southern part of the state, Tim Penny, president of the Southern Minnesota Initiative Foundation (SIMF), also has plans for affordable housing and childcare. Penny says he was elated when he found out SIMF was awarded a little over, $2.3 million dollars.
"Our role as we saw it was to act on behalf of communities that didn't have the the wherewithal or whatever to make an application on their own," said Penny.
Related
What's next?
Unfortunately, without more funding, the program could end. DEED Commissioner Steve Grove is hoping the legislature awards the Main Street Economic Revitalization program with $20 million dollars.
"We felt very strongly that $80 million was a phenomenal start. Boy, there's a lot more you could do," said Commissioner Grove.