The Minnesota Department of Employment and Economic Development (DEED) today announced that the City of Crookston has been awarded $495,000 in Demolition Loan Program funding for the planned demolition of the old Tri-Valley building on N. Broadway.
The project is part of more than $2 million in awards from DEED for seven redevelopment and demolition projects across the state. These projects will collectively create or retain 151 jobs, increase local tax bases by more than $1.1 million and leverage more than $92 million in private investment.
“The Redevelopment Grant and Demolition Loan programs are two of the impactful economic development initiatives DEED offers,” said DEED Commissioner Matt Varilek. “Amidst economic uncertainty, revitalizing property for productive use and creating employment opportunities supports growth in local communities.”
The Demolition Loan Program helps communities with the removal of dilapidated and unsafe structures to prep sites for future development. To date, DEED has awarded more than $3.9 million in Demolition Loans, reclaiming more than 67 acres of blighted property.
Historically used as offices and commercial space, the 0.76-acre Tri-Valley site has the potential to support a three-story mixed-use building with first-floor retail and upper-level housing. The city will issue a General Obligation tax-abatement bond to secure the loan.
Redevelopment funding projects include Pandora’s Redevelopment in Annandale, Jefferson School in Hibbing, Jorgensen Hotel Redevelopment in Hutchinson, Lindstrom’s Landing in Lindstrom, The 227 Hotel in New Ulm, and the Concord Business Center in South St. Paul.
