City, DMC awarded $3.1 million grant to boost economic recovery downtown
The City of Rochester and Destination Medical Center have been awarded $3.1 million as part of a new state program designed to assist in the economy recovery of commercial business districts.
Rochester was among eight communities selected to receive funding for the Minnesota Department of Employment & Economic Development’s newly-created Main Street Economic Revitalization Program.
The program, according the announcement, aims to help central business districts “rebuild and reposition themselves” following months of hardship brought on by the pandemic, social unrest, and other challenges.
“Minnesota’s main streets are key drivers of growth, and so many of them have suffered in the last 18 months,“ said DEED Commissioner Steve Grove. “These grants and loans will create jobs, and they’ll help spark investment in key commercial corridors across the state.”
Rochester’s program will provide capital investment for downtown businesses and property owners “who do not have sufficient capital to open, adjust or expand operations.” Criteria will include the prioritization of Black, Indigenous, and People of Color (BIPOC) participation.
Additional details regarding the program are expected to be released in the coming weeks. DMC will be tasked with administering the grants.
“Following the initial shock of the pandemic, Rochester’s downtown business community responded with innovation, creativity, and determination. This grant program is yet another tool to support Rochester’s recovery,” said Patrick Seeb, executive director of the DMC EDA. “Think of this as an economic booster shot.”
In all, nearly $40 million was awarded to organizations across Minnesota as part of the first round of the Main Street program. The second round of funding, worth $40 million, will me made available in March 2022.
Wednesday’s announcement comes as local leaders also weigh using DMC public infrastructure dollars to support small businesses downtown. That conversation will continue at the city council level later this month.
More information on the Main Street program can be found here.
