NEWS RELEASE

The Department of Employment and Economic Development, through its Economic Development Division has provided funding to Heartland Lakes Development Commission to establish an economic revitalization program that will provide leveraged grants to support economic development and redevelopment projects in Park Rapids.  The program will result in the revitalization of corridors and main streets that have an outsized impact on businesses and surrounding communities, expand the tax base of targeted communities, increase the creation and retention of jobs relative to the local economy and deliver a positive impact on diverse communities most severely harmed by the events of the last year.

Leveraged grants can be used by eligible recipients for the following:

• Repair or renovation of real property
• Building construction
• Landscaping and street scaping
• Demolition and site preparation
• Predesign and design
• Engineering
• Non-publicly owned infrastructure
• Related site amenities

Eligible project expenses do not include the purchase of real estate or business operations or business operating expenses, such as inventory, wages or working capital.

A leveraged grant can cover up to 30% of the total project cost and must be matched by an eligible recipient at 200% of the state’s portion of the grant.  Matching funds may include but are not limited to insurance proceeds from an eligible recipient, loan proceeds, private grants, cash contributions, donations, and local government contributions.

Applications can be obtained HERE, directly from Heartland Lakes Development Commission by calling (218) 732-2256, or from one of the participating local lending institutions.  Applications for the Main Street Economic Revitalization program will be accepted by Heartland Lakes Development Commission on a first come first serve basis until funds are depleted.