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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.
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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.
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aloft
The stylish aloft Minneapolis is a recent addition to Minneapolis’ historic Mill District. Developed by Sherman Associates Inc., the new hotel is located near the Guthrie Theater and the Metrodome. MMCDC utilized $7.8 million in New Markets Tax Credit allocation for the new 90,000-square-foot development, which is providing 50 permanent jobs with benefits.The moderately priced 155-room hotel is designed to attract modern business and leisure travelers by offering complimentary wireless Internet access, a 24-hour food and beverage area, and environmentally friendly businesses practices. In addition, the development includes street-front retail stores.
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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.
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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.
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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).
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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.
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