City receives excellence in economic development award
The City of Minneapolis received a Gold Excellence in Economic Development Award for its Great Streets Neighborhood Business District Program in the category of Neighborhood Development Initiatives for communities with populations of 200,000 - 500,000 from the International Economic Development Council (IEDC). The honor was presented at an awards ceremony on Tuesday, October 2, during the IEDC Annual Conference, held September 30 – October 3 in Houston, Texas.
The Great Streets program is a coordinated effort to help businesses develop and succeed along commercial corridors, at commercial nodes, in LRT Station Areas, and in Activity Centers throughout the city. Through the Great Streets Program, the City of Minneapolis funds activities that support the economic strength and vitality of neighborhood commercial districts, helping to create vibrant communities and strong businesses.
Recognizing that commercial districts throughout the city have different strengths, challenges, and opportunities, the program is designed to support a variety of activities so communities can develop and implement comprehensive strategies to advance their unique goals.
- Stronger businesses, thriving commercial districts.
- $16 million invested in façade matching grants, grants to support business districts, and real estate and business loans; $112 million in private investment leveraged.
- Highly visible physical improvements.
- Properties redeveloped using Great Streets real estate financing. Once vacant, properties now have a taxable value of $5.7 million and generate $234,500 annually in property taxes.
- Over 1,200 jobs created or retained in neighborhood business districts.
A range of tools and resources are available including business financing, real estate development gap financing, and business district assistance such as façade improvement matching grants, market studies, district wide branding and marketing campaigns, business recruitment efforts and more.
Examples of Great Streets Projects
- Five Points building, (Penn and West Broadway)
- 1200 West Broadway and Kindred Kitchen
- Chicago Avenue Fire Arts Center
- Seward Co-op
- Blackbird Café
- Businesses at 38th Street and Nicollet
- Guse Green Grocer
- Branding for the West Bank
IEDC's Excellence in Economic Development Awards recognize the world’s best economic development programs and partnerships, marketing materials, and the year’s most influential leaders. These awards honor organizations and individuals for their efforts in creating positive change in urban, suburban, and rural communities.
Published Oct. 4, 2012