East Metro Main Street Economic Revitalization Program will distribute up to $7 million in grants to businesses and nonprofit organizations for capital projects in the Snelling-University-Rice Cultural District, the East Side community and along West Seventh Street.
Donor Name: Saint Paul and Minnesota Foundation
Type of Grant: Grant
Size of the Grant: up to $750,000
The Saint Paul & Minnesota Foundation has been selected as one of the partner organizations for the Department of Employment and Economic Development (DEED) Main Street Economic Revitalization Program.
As a partner organization, the Saint Paul & Minnesota Foundation is committed to helping raise matching funds, to be used in conjunction with other local funding sources and financial resources secured by applicants themselves.
Grant Amounts & Matching Funds Requirements
Grants of up to $750,000 may be awarded to eligible recipients for eligible projects.
Here are the DEED Main Street Revitalization Program requirements for grant sizes and matching funds:
- Leveraged grants from the Main Street program can cover up to 30% of an eligible project cost (up to $750,000 in state grant funds).
- Grants must be matched with non-state funds at 200% of the state’s portion of the grant. For example, if you request a Main Street grant of $500,000, you must show commitments of $1 million in matching funds.
- An eligible project must have secured commitments for all required matching funds and all required development approvals before a leveraged grant may be distributed.
- Matching funds may include, but are not limited to, cash, private loans, insurance proceeds, local (non state or federal) government funds, etc. Funds contributed by Saint Paul & Minnesota Foundation or other East Metro Main Street Revitalization partners also count.
- No funds expended prior to July 1, 2021, can count toward matching requirements.
- Up to 50% of funds spent prior to receiving a Main Street grant (and on or after July 1, 2021) can count toward matching funds raised if these funds were spent in compliance with the above matching requirements.
- Matching funds cannot include state or federal funds.
- Matching funds sourced from other assets and sources must be restricted for use exclusively through this program.
- Matching funds must be used for the same type of purpose as the grant purpose, i.e. the development, redevelopment, demolition, site preparation, predesign, design, engineering, repair, or renovation of real property or capital improvements. Funds expended for the purchase of real estate or business operations or business operating expenses, such as inventory, wages or working capital, or other expenses outside of eligible program expenses, will not count as matching funds.
- Per 2020 Minnesota Statutes 116J.871, all grantees receiving $200,000 or more in grant funds must comply with prevailing wage requirements under Minnesota Statutes 177.41 through 177.44.
- Grant funds will be used to support economic recovery projects led by nonprofits and businesses along three commercial corridors in Saint Paul that respond to COVID-19 impacts, major closures and/or vacancies, or widespread property damage due to civil unrest following the murder of George Floyd.
- Priority will be given to projects led by and serving Black, Indigenous, Asian, Latino, new Americans, immigrants, refugees, people with disabilities, LGBTQI communities, veterans, low-income communities or other communities that have been historically under- and dis-invested in by traditional funding. This is defined as at least 50% of the ownership or staff and board leadership identifying as a person affiliated with the community the project, business or organization is working to serve.
- Eligible projects include the development, redevelopment, demolition, site preparation, predesign, design, engineering, repair or renovation of real property or capital improvements. The activities may include but are not limited to: construction of buildings, infrastructure and related site amenities, landscaping or street-scaping.
Businesses and organizations must be located on the given corridors to be eligible for grants. Businesses on a corner lot at the terminal intersection of any corridor route may also apply.
For more information, visit Saint Paul and Minnesota Foundation.