Faced with the overwhelming cost of improving aging schools, one rural school district turned to MMCDC for assistance.
Thief River Falls, Minn., is located within driving distance of the Canadian border. Quality local schools help major employers recruit and retain employees to the area. That factor, plus changing student needs and a projected increase in student enrollment, led the district to proactively examine the future needs for its school facilities.
Experts calculated more than $50 million in necessary facility improvements, but deferred maintenance was an additional $15 million cost.
As a federal allocatee under the New Markets Tax Credit program, MMCDC provided $18.8 million in below-market financing, helping the district to create a contemporary learning environment with small-town appeal.
