New Markets Tax Credit Coalition

  • Wadena,
  • MN
  • (2020)

Mercury Mosaics and Tile

District: Michelle Fischbach (R-MN07)

The NMTC loan proceeds will be utilized to complete tenant improvements at an existing 19,200 sq. ft. warehouse building in Wadena, MN, purchase equipment, and provide working capital.

Investment

  • NMTC Amount: $655,738
  • Total Project Cost: $765,000

IMPACT

  • 20 FTE jobs
  • 5 construction jobs
  • 19,200 sq. ft. of real estate

CDEs

Investor

Project Description

The NMTC loan proceeds will be utilized to complete tenant improvements at an existing 19,200 sq. ft. warehouse building in Wadena, MN, purchase equipment, and provide working capital. The company’s existing location in Northeast Minneapolis is land locked and doesn’t offer any possibilities for expansion.

After a two year process involving site visits to four MN communities, a WI community and an Iowa community, the company identified Wadena, MN as its preferred choice for expansion. Wadena, MN is small rural community about 3 hours from Minneapolis.

External Profile

MAP

Address: 1430 Homecrest Avenue, Wadena, MN 56482

Census Tract: 27159480300

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