Grow North is a new financial incentive package being offered by the City of Minneapolis aimed at bringing jobs-intensive business investment to North Minneapolis.
In addition to existing financing tools and resources available from the City, Grow North offers the following incentives to businesses interested in locating in North Minneapolis:
- Loans for capital investments such as acquisition, building improvements, and new construction up to $200,000,
- Loan forgiveness at a rate of $5,000 for each North Minneapolis resident hired
- Workforce training and recruitment assistance, and
- Homebuyer down payment assistance targeted to employees of recruited businesses wishing to purchase a home in North Minneapolis through the Minneapolis Advantage program.
The proposed incentive package is available to for-profit businesses that commit to:
- Bring at least 40 jobs to North Minneapolis,
- 15 new jobs must go to North Minneapolis Resident Employees in order to qualify for at least partial loan forgiveness
- Pursue a high level of green construction for new construction or building renovations.
The City of Minneapolis has established a recruitment target of 1,000 new jobs in North Minneapolis over the next five years developed through the Grow North program.
For more information on Grow North or to get information on available sites contact Beth Grosen, Senior Project Coordinator at (612) 673-5002.
Last updated Oct 29, 2018