A new challenge has been launched to aid development in downtown Red Wing.
Red Wing Downtown Main Street announced on Tuesday, Feb. 1, that its “Red Wing Redevelopment Challenge” launched and is accepting applications.
Downtown Main Street Executive Director Megan Tsui approached the Red Wing City Council with this project in September. Downtown Mainstreet says this “is a new development program designed to spur economic and housing growth in Red Wing’s historic downtown area.” Community partners are offering an incentive package worth up to $335,000 for one redevelopment project that will be completed by December 2023 (or 18 months after the project is awarded) and located within the downtown Red Wing historic district of downtown.”
A wide range of projects will be considered for funding. Eligible projects include:
Rehabilitation or restoration of significant commercial properties within the historic downtown district.
Compatible new construction including building additions with first-floor commercial and upper floors commercial, office or residential. Razing of an existing structure to allow for new construction will not be considered an eligible use of funds.
Multiple properties that are connected by a common need or issue. Multiple property projects might include but are not limited to: the removal of inappropriate slipcovers and siding materials; installation of sprinkler systems or other projects that increase safety; façade restoration for several buildings; activation of a series of highly visible rear entries; or installation of an elevator and common hallway linking several buildings to support upper story development.
“We are thrilled to promote these resources to offer developers and property owners with even more support to bring brick and mortar revitalization to our downtown,” City Council President Becky Norton said in a news release, “These matching and gap funds will help spur a project that might add housing or other significant updating to one of our beautiful historic buildings.”
Norton said this could spur projects by “pooling private and public funding together in this exciting way.”
Funding is provided by the Red Wing Port Authority, Red Wing HRA, the city of Red Wing, Downtown Main Street via the Jones Family Foundation and Goodhue County.
Eligible applicants are current building owners or prospective owners of buildings that are under a developer’s agreement or purchase agreement.
A one-to-one match is required for all projects. In-kind contributions are permitted for no more than 35% of the project match. The in-kind match must be documented professional services. Volunteer efforts and staff hours are important but cannot be used to meet match requirements for any project. At least 65% of the project match must be in cash.
Ineligible expenses include: Acquisition, deconstruction, or disposal of property; furnishings; accounting services; legal services; loan origination or other financing costs; syndication fees and related costs; developer fees.
Applications opened on Tuesday, Feb. 1. Applications are due June 30.
More information about the Red Wing Redevelopment Challenge and applications can be found at redwingbuildings.com.
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