Mayor Rybak Breaks Ground at Seward Co-op
Launch of New Business Assistance Program
December 03, 2007 (MINNEAPOLIS) – Minneapolis Mayor R.T. Rybak will help break ground for the newly expanded Seward Co-op today at 2823 Franklin Avenue.
The Seward Co-op expansion is the recipient of real estate gap financing offered through the City of Minneapolis’ new Great Streets neighborhood business district assistance program. The Great Streets program supports commercial corridors and nodes, Light Rail Transit station areas and downtown neighborhood business districts. The Seward Co-op is located on the Franklin Avenue corridor, one of a number of areas targeted for development in Minneapolis.
“Our neighborhood business districts are our Great Streets,” Mayor Rybak said. “They are the essential elements of a great city. “By restoring the existing building, constructing a new ‘green’ addition and greening the overall site, Seward Co-op is bringing new life to the corner of Franklin and Riverside Avenues. This investment will make this business district even better.”
“Neighborhood business districts provide vital goods, services, gathering places, jobs and entrepreneurial opportunities to Minneapolis residents and visitors,” Mayor Rybak added.
The Great Streets program provides financial resources to neighborhood business districts throughout the City that have been identified by The Minneapolis Plan, small area plans or other land use policies as being areas where commercial activity and development is encouraged. This includes eleven commercial corridors, 45 neighborhood commercial nodes, five downtown neighborhood business districts, and seven Hiawatha LRT station areas.
“Minneapolis works directly with businesses to help them succeed and the Great Streets program is one way we can help support and direct business growth,” Rybak said. “Whether a company is launching or expanding—we’re here to support business owners with a variety of financing tools.”
The Great Streets program includes resources for business loans, $2.4 million for commercial real estate development loans, $1 million for acquisition loans and an additional $650,000 for business district assistance for such activities as market studies, retail recruitment efforts, façade improvements and business technical assistance programs.
Assistance is prioritized for areas with demonstrated need and for activities supported with funding from business, non-profit, foundation and/or neighborhood partners. Priority is given to activities and programs that are consistent with recent planning efforts or recent or pending infrastructure investments.
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