Areas Served: River valley area of the City located between Madison Avenue and Sibley Park.
The revolving loan funds for the City Center Renaissance are intended to promote and assist the revitalization of Mankato’s City Center.
This is accomplished through financial support of efforts related to the expansion, retention, and enhancement of business opportunities in the targeted area.
The primary use of the revolving loan fund is to support efforts to fully utilize properties through capital and leasehold improvements necessary to retain and expand business activities.
The revolving loan fund may also support redevelopment activities in the City Center.
These involve the demolition of existing structures in order to support new development that conforms to the vision and purpose of the City Center Renaissance and Urban Design Guidelines.
Section 2. Property Eligibility Project Boundaries The targeted area for potential qualifying properties is the City Center Planning Area – generally defined as the river valley area of the City located between Madison Avenue and Sibley Park.
Eligible Activities Loan Funds shall be available to qualifying properties for the following eligible activities, provided such activities commence after the loan approval date: – Acquisition of buildings for redevelopment activities.
– Redevelopment of existing buildings.
– Building improvements related to Building Code compliance and upgrades to substandard building conditions.
– Demolition or removal of existing buildings for redevelopment activities or as necessary to support new or existing businesses.
– Leasehold improvements.
Loan Amounts The standard maximum loan amount is $200,000. A greater amount may be approved by the EDA.
If the standard maximum loan amount ($200,000) is proposed to be exceeded, the EDA’s decision will be based on multiple factors.
These include compliance with existing policies and plans of the City of Mankato, the level of job creation and/or retention, increased private investment, and economic impact associated with the project.
The minimum loan amount is $25,000. Match Requirement A match in the form of cash equity and/or privately secured mortgage or other private financing is required in the amount of one-third (1/3) of the total project coSt. Job Creation/Retention A minimum of one (1) full-time equivalent (FTE) position must be created or retained for each $20,000 of loan amount.
Job creation or retention must occur within two (2) years of the loan closing date.
Wage stipulations shall comply with the Section 8.02 of the Economic Development Policy Guidelines as adopted by the EDA.
Contact InformationCity of Mankato, Minnesota
Address: 10 Civic Center Plaza
City: Mankato
State: Minnesota
Website:
http://www.mankato-mn.gov/City-Center-Revolving-Loan/Page.aspx
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