"Angel investors are typically one of the first sources of funding for innovative start-ups. And these start-ups may be tomorrow's large employers of the region. There are numerous angel funds in the metro area, but this is the first one here," stated RAEDI's Xavier Frigola, the secretary and treasurer of the new fund.

The grants ranged from $43,900, which went to a project on Minneapolis' Lake Calhoun, to $750,000, which went to an effort to turn the former St. Paul Pioneer Press building into workforce housing. In all, the $4 million will result in the remediation of 54 acres of contaminated land, the creation or retention of about 1,100 jobs, and 600 affordable housing units.

The Minnesota Public Facilities Authority (PFA) has approved funding packages totaling nearly $16 million for water infrastructure projects in St. Cloud, Afton and Greenbush. "These projects will enhance local water resources and the communities they're in," said Shawntera Hardy, chairman of the PFA board.

The St. Paul Port Authority has assembled more than $3 million in cleanup grants from Ramsey County, the Minnesota Department of Employment and Economic Development and the Metropolitan Council, but only the Ramsey County funds can be used on public land that does not generate property taxes.

The Minnesota Department of Agriculture (MDA) anticipates awarding up to $1 million through the competitive Value Added Grant Program. Funding for the grants was established through the Agricultural Growth, Research and Innovation (AGRI) Program to advance Minnesota's agricultural and renewable energy industries.

DEED awarded 26 grants totaling $14.6 million for rehabilitation and infrastructure projects in Greater Minnesota. The funding under the Small Cities Development Program will help pay for rehabilitating housing and commercial buildings and updating public infrastructure in small cities and counties. 

New facilities and major repairs in Minnesota cost quite a bit, and most districts obtain funding for these projects through school bonds. But in a largely ag-based economy, that means Minnesota farmers end up doing a lot of heavy lifting. However, there appears to be relief on the horizon. A new tax credit, dubbed the Ag2school tax credit, has been passed by the Minnesota Legislature.

Join CDFA, our technical assistance partners, and experienced brownfield communities as we discuss how the finance toolbox can be used to compliment the redevelopment and cleanup of your brownfield project.

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