EPNI secures funding to buy Roof Depot from Minneapolis, keeping sale on track
The City of Minneapolis accepted a multi-million dollar personal guaranty for the purchase of the Roof Depot on Wednesday evening.
The East Phillips Neighborhood Institute (EPNI) submitted a $3.7 million proof of payment for the $11.4 million site in the Phillips neighborhood of Minneapolis, which met the Wednesday deadline that was in the purchase agreement approved by the Minneapolis City Council in September.
However, the sale is not finalized yet. The state legislature still must provide the $2 million that was due to the city in July, as well as $5.7 million in 2024 to get to the full $11.4 million, the city said. If all terms of the agreement are satisfied, the sale is scheduled to close on or before July 15, 2024, according to the city.
The Roof Depot was slated for demolition to make way for a city-owned water and sewer maintenance facility, however, the demolition was blocked with a court order due to concerns from residents about underground toxic chemicals that could be disturbed if the warehouse were to be demolished.
Activists have expressed interest in turning the site into an urban farm project.
The city is now working to find a new water supply maintenance facility, to which state lawmakers have pledged $4.5 million.
“We’re pleased to hear that EPNI has secured a personal guaranty for $3.7 million,” Minneapolis Mayor Jacob Frey said in a prepared statement. “The deal we struck with the Minneapolis legislative delegation and EPNI back in May made clear that if the City’s water fund was repaid in full – both with specific funds from EPNI and from the State – we would sell the site. I’m happy this collaboration has seen progress, and we look forward to the Legislature securing the remaining funds next session.”