Seward Co-op Grocery & Deli

MMCDC provided $9.2 million from a New Markets Tax Credit allocation for expansion of the Seward Co-op Grocery & Deli of Minneapolis. Seward is a leading provider of fair trade and organic products. Food purchased from small, local growers in Minnesota and the neighboring four states makes up 30.2 percent of the company’s total food sales.

Naytahwaush Community Charter School

Rented temporary classrooms served as the Naytahwaush Community Charter School’s home until the public district agreed to sell the former elementary school building, which closed due to lack of enrollment after the charter school opened. Faced with the expense of leasing two facilities, the community then formed the Naytahwaush Community Foundation, which purchased the temporary classrooms using $200,000 borrowed from MMCDC and its subsidiary, the White Earth Investment Initiative.

aloft

Otter Tail Ag Enterprises

In 2007, a group of farmers, agriculture professionals and investors completed work on a $126 million ethanol plant near Fergus Falls, MN. Known as Otter Tail Ag Enterprises, this project received a $20 million allocation of New Markets Tax Credits from MMCDC for financing construction of the facility. The plant is expected to produce 55 million gallons of ethanol annually, with a projected 56,000 bushels of corn arriving every day. Resulting job creation includes 38 plant employees and more than 600 others working in the agriculture, transportation, utility, maintenance and related industries. Total annual economic impact should exceed $110 million.

Midtown Global Market

In recent years, MMCDC contributed $8.15 million in New Markets Tax Credits toward the overall costs of a stunning renovation to the former Sears Tower Complex in Minneapolis, Minnesota. This renovation transformed a portion of the abandoned landmark into an internationally themed marketplace of small and large vendors. Approximately 60 new or expanded businesses and many full- and part-time jobs have resulted from this investment in a very low-income census tract.

Blackduck Townhomes

In 2007, MMCDC developed the 18-unit Blackduck Townhomes in partnership with the Minnesota Housing Finance Agency, Greater Minnesota Housing Fund, National Equity Fund, the City of Blackduck and Rural LISC. This exciting project provides two- and three-bedroom units with single-stall garages for new families working at Anderson Fabrics (which donated the land to support housing for its employees and is located only a block away).

Pine Point Community Facilities

In 2007, MMCDC provided a $50,000 loan to the Pine Point Community Council. These funds will complete a bath and shower house and RV park near the Pine Point pow wow grounds, as well as a softball field behind the elementary school. This loan is part of a commitment to invest $20 million on the White Earth Reservation by 2020. To help guide this work, MMCDC created an on-reservation subsidiary – White Earth Investment Initiative – governed by a predominantly Native American board of directors.

White Earth Tax Site

Just a few years ago, many residents of the White Earth Indian Reservation were paying commercial tax services to electronically file their tax returns. Low-income people often paid an additional sum to receive a Rapid Refund Loan, which allowed quicker access to a refund that included thousands of dollars in federal tax credits. Then the White Earth Tax Site stepped in. Community volunteers became IRS-certified in basic tax preparation and began to offer free tax return preparation, free e-filing, and access to a lower-cost refund loan made available by a local bank. The service quickly became popular, particularly among the working poor. MMCDC's Sarah Ruppel serves as Tax Site Administrator.