Discussion:
The Minnesota Department of Employment and Economic Development (DEED) has issued up to $18,000,000 in State Fiscal Year (SFY) 2022-2023 is available for this new grant opportunity. The maximum grant ask is $1.5 million with a 50% match.
The Targeted Community Capital Project funds must be used to improve or acquire a building or structure that, upon completion, will provide additional services to the targeted community. Services provided, or established, to the identified communities through these funds, either alone or in partnership, must increase access to one or more of the following areas:
1. Economic Development, including but not limited to programs to relieve economic disparities or foster entrepreneurship or small business development.
2. Education, including but not limited to programs focused on the STEM (science, technology, engineering, math) education, or culturally specific curriculum.
3. Workforce development, including but not limited to apprenticeships, internships, employment preparation, job placement assistance, and job skills training and counseling and legal assistance to marginalized communities.
Upon approval, the Planning and Development Department will apply for $1 million for The Hub, the city's regional innovation center, as the project aligns with the above criteria.