The Minnesota Department of Employment and Economic Development (DEED) announced $4.7 million in land redevelopment grant funding for eight projects statewide and one blighted land demolition loan.
The city of Red Wing was awarded $746,500 in Redevelopment Grant funds for demolition of the 1.31-acre site of the former Red Wing Malting Company and the Fleischmann Malting Company.
The site will be redeveloped as a mixed-use building with 120 residential units – 15 of which will be affordable – and 12,000 square feet of commercial space.
It’s anticipated this project will create 35 jobs, increase the tax base by $195,410 and leverage $30.1 million of private investment. Matching funds will be provided by the developer, tax increment financing, and the city.
The city of Wabasha was awarded $166,528 in Redevelopment Grant funds for asbestos abatement, demolition and public infrastructure improvements on 0.54-acre Alleghany Apartments site.
Formerly used as a gas station and auto repair shop, the site will be redeveloped into a 50-unit affordable apartment building.
It is anticipated this project will create one job, increase the tax base by $135,767 and leverage $7 million of private investment. Matching funds will be paid by tax increment financing.
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