The West Central Initiative is inviting applicants for its HWY 10 Corridor Main Street Economic Revitalization Grant.
Donor Name: West Central Initiative
State: Minnesota
Type of Grant: Grant
Deadline: 06/26/2023
Size of the Grant: up to $750,000
Details:
In June 2022 West Central Initiative was awarded a Main Street Economic Revitalization grant of $3.3 million from the Minnesota Department of Employment & Economic Development (DEED), of which HWY 10 Corridor is one of three West Central Minnesota communities included in this award round. Initially, $1.8 million has been allocated to projects in the HWY 10 Main Street Revitalization Corridor.
All businesses and organizations within the above-described HWY 10 Corridor are welcome to apply. However, applicants should be mindful of the priority objectives in considering project requests: Revitalize properties harmed by events of the past during the height of the pandemic and ongoing impacts;
- Support small businesses;
- Advance projects that catalyze further investment in the corridor;
- Enhance opportunities for minorities, women, veterans, or other protected classes of entrepreneurs;
- Increase occupancy of currently vacant storefronts and downtown buildings.
Eligible Projects
Projects enhancing permanent structures or creating new site amenities within the approved corridor are eligible. Operational or ongoing maintenance expenses will not be considered. Soft costs (e.g. design, engineering, and/or construction expenses) associated with the following projects are eligible:
- Repair, or renovation of real property
- Building construction
- Landscaping and streetscaping
- Demolition and site preparation
- Private Infrastructure
- Related site amenities
Funding Information
Maximum award of up to 30% of eligible project costs, up to $750,000 per project. Any project of $200,000 or more will be required to pay prevailing wage.
Eligibility Criteria
Qualifying Businesses: (All criteria below must be met):
- Private for-profit and non-profit businesses within the eligible corridor as described above.
- Registered and In Good Standing with the MN Secretary of State as of application date.
- Recipients must be in good standing regarding personal and business taxes, property taxes must be current, and have no government liens against them, related entities, or their property.
Prior to final consideration, applicants must provide:
- Estimate of project expenses/budget from a credible source (e.g. architect, licensed contractor).
- Documentation of the secured 70% applicant match (e.g. pending or open loan with a financial institution, letter or line of credit, bank statement, other grant awards).
- If property is leased, a note from the property owner in support of the project.
For more information, visit West Central Initiative.
