CPED seeks comments on new development fund
The Minneapolis Community Planning and Economic Development Department (CPED) is proposing funding guidelines for a Capital Acquisition Revolving Fund. The fund is for site acquisition and assembly for redevelopment along major commercial and transit corridors and commercial nodes designated by The Minneapolis Plan.
If approved by the Minneapolis City Council, the guidelines would:
- Define eligibility for accessing funds from the Capital Acquisition Revolving Fund for acquisition of property or financing of property acquisition for redevelopment of sites located on commercial and transit corridors and at commercial nodes (designated in The Minneapolis Plan) for mixed commercial and residential use. Funds will be used to assemble or aid in assembly of larger sites for new mixed-use and mixed-income rental and ownership multifamily housing and commercial buildings in areas where mixed use is appropriate. At least 20 percent of the housing units must be affordable at less than 50 percent of Metropolitan Median Income (city affordable housing policy); and
- Establish an open nomination process to solicit suggestions for specific sites and projects from neighborhood organizations, developers, City staff and other interested parties (note: this process will not be a formal Request for Proposal process).
It is anticipated that the fund guidelines will be considered by the City Councils Community Development Committee on Tuesday, July 11, 2006 at 1:30 p.m. in Room 317 City Hall and by the Ways & Means/Budget Committee on Monday, July 17, 2006 at 1:30 p.m. in Room 317 City Hall. The full City Council is expected to consider the amendment on Friday, July 21, 2006.
Written comments are welcome and should be directed to:
Community Planning and Economic Development
105 5th Avenue South, Room 200
Minneapolis, Minnesota 55401-2534
Comments are due in writing by Friday, July 7, 2006.
May 26, 2006
Published May. 26, 2006