Neighborhood Development Center

New Markets Tax Credit Coalition

Saint Paul,
MN
(2020)

Neighborhood Development Center

Business Development, Community, Incubator, Manufacturing

The construction of an appoximately 19,820 sq. ft. building for use serving low-income entrepreneurs as a small business incubator and entrepreneur training center in Saint Paul, MN.

Investment

NMTC Amount: $9,000,000
Total Project Cost: $11,677,765

IMPACT

50 FTE jobs
83 construction jobs
The Project has the capacity to provide education/training to 150 annually
19,820 sq. ft. of real estate

CDEs

Midwest Minnesota CDC, University Financial Corp.

Investor

Sunrise Bank

Voices from the Community

The NMTC program is a critical financing tool for NDC to execute our mission of offering long-term affordable commercial real estate to low-income neighborhood entrepreneurs in Saint Paul and Minneapolis.

-Benjamin Johnson, Neighborhood Development Center, Saint Paul, MN

Project Description

The NMTC proceeds are to be used to finance the construction of an approximately 19,820 sq. ft. building to be leased by Borrower to Project Sponsor (12,000 SF) for use serving low-income entrepreneurs as a small business incubator and entrepreneur training center in Saint Paul, MN. The NDC Entrepreneur Training Center building is part of a more comprehensive 90,000 sq. ft. development which will have 40 units of affordable family housing on top of the commercial office space. The housing units will be affordable to families at 40-60% of the area median income. The housing portion of the development will be a separate condominium and will be funded by separate sources.

MAP

Address: 641 University Avenue West, Saint Paul, MN 55104

Census Tract: 27123032500

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