Minneapolis city leaders highlight $7M in new business recovery funding

Monday, Minneapolis leaders are expected to highlight new city funding aimed at helping local businesses that were damaged during unrest this summer.

Minneapolis Mayor Jacob Frey and Minneapolis City Council Vice President Andrea Jenkins are expected to propose $7 million in new city investment, including $2 million in direct funding for demolition work for businesses unable to afford those costs as well as $5 million for the city’s Commercial Property Development Fund.

Although city officials report there are many business owners with cleanup costs that exceed insurance benefits, to start, the city has identified 16 sites with cleanup costs in excess of $100,000 each.

According to the city, $2 million from newly-received federal Community Development Block Grant (CDBG) program income and unspent CDBG funds from previous years will go toward helping those 16 sites with cleanup costs.

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The announcement is expected at 1:45 p.m.