SAINT PAUL, Minn. – Nearly $1.3 million in grants from the Minnesota Department of Employment and Economic Development are given to develop Downtown Moorhead and an apartment building in Alexandria.
The City of Moorhead has been given a $1 million grant to demolish the rest of Moorhead Center Mall and redevelop 1.97 acres into two apartment buildings with a total of 203 units, 31,000 square feet of commercial space, 500,000 square feet of public space and 297 parking spaces. The city will also renovate city hall. DEED estimates this phase of the project will increase Moorhead’s tax base by more than $1 million and leverage $153 million of private investment. DEED says matching funds will be paid by tax increment financing and city sales tax.
DEED gave the City of Alexandria more than $292,000 to redevelop a 3.17 acre site at 901 and 923 4th Avenue East and 924 3rd Avenue into a three-story, 62 apartment building with underground garages and a single story garage. The city expects the project to create two jobs, increase the local tax base by more than $115,000 and leverage $13.9 million in private investment. Matching funds will be provided by the developer and tax increment financing.
“Here at DEED, our mission is to empower the growth of the Minnesota economy, for everyone. By funding redevelopment for blighted land, DEED promotes community-led and self-sustaining economic growth,” said DEED Commissioner Matt Varilek. “Our redevelopment grant program is one of the many economic development initiatives at DEED that have a huge impact on the Minnesotans we serve.”
