Deadline to purchase Roof Depot passes Monday without a sale
The deadline to purchase the Roof Depot site in the East Phillips neighborhood of Minneapolis came and went on Monday without a sale to the group slated to buy the property.
The East Phillips Neighborhood Institute (EPNI) has been vying to buy the property and turn it into an urban farm since last year.
A deal passed by the Minneapolis City Council in September 2023 meant the EPNI needed to raise $3.7 million to combine with nearly $8 million from the city and state in order to complete the sale.
However, millions of dollars in funding did not pass through the legislative session this spring, leaving the future of the EPNI’s purchase in limbo.
In May, the board president of the EPNI told 5 EYEWITNESS NEWS that the legislative funding falling through was “unfortunate” but the EPNI still believed it could raise the funds.
According to Erik Hansen, Minneapolis’ director of Community Planning and Economic Development, the city will issue a notice of termination on Tuesday, which means EPNI representatives have 60 days to complete the purchase.
Hansen added that if the sale does not go through, the previously agreed-upon purchase agreement will fully expire.
A statement from EPNI on Tuesday said, “EPNI has been working alongside committed elected partners to cover the $5.7 million gap in funding created by the bonding bill that failed unexpectedly in the final minute of this year’s legislative session. These partners, from various levels of local government, see how this project will bring good jobs, fresh food, opportunity and overdue justice to the heart of East Phillips. An urban farm and warehouse brimming with small businesses, local organizations, and shared communal space creates abundance that will ripple out to serve Minneapolis and Minnesota as a whole for generations to come.
After halting demolition of the Roof Depot site, EPNI secured the $3.7 million it was required to provide according to the purchase agreement with the city of Minneapolis. The state legislature already provided $7.7 million in 2023 to pay for relocating the city’s maintenance facility plan to a different site.
EPNI asked the city to push back the closing deadline to August while solidifying a new plan for the final installment of $5.7 million that would have been provided in this year’s state bonding bill. The city was unable to push back the closing deadline, but provided a 60-day grace period.
EPNI is confident that the plan we have been developing in partnership with elected officials will enable us to overcome this funding hurdle and close on the building this summer.”
Hansen says city staff have been made available to find a path forward throughout this process.