Feds give $1.6M for St. Paul redevelopmentby Stephanie Hemphill, Minnesota Public Radio
ST. PAUL, Minn. — The federal government Wednesday gave $1.6 million in grants to the St. Paul Port Authority to redevelop contaminated properties.
Port Authority Vice President Monte Hilleman said $800,000 will be added to a revolving loan fund for clean-up projects.
"We then turn around and loan those dollars to our projects, which then are typically repaid for land sales when we sell for market value, which is sometimes a rarity," Hilleman said. "That's what helps pay back loans to these projects, or tax increment finance districts often pay back these loans to these properties."
Other grants will complete clean-up work at the former 3M property on the east side of St. Paul.
The city of St. Paul also received $200,000 to help clean up a former railroad yard on Maryland Avenue. The Trillium Central site is part of a proposed 45-acre nature sanctuary.