MANKATO — A minor change in how the city of Mankato administers a state grant to fix up homes and business facades may free up more money for commercial restoration work.
The grant doesn’t have to be repaid if the business or home owner occupies the building for 10 years.
But when they do move or sell, the money has to be paid back as a loan. That money revolves back into the program.
Under the current rules, the money that’s paid back has to revolve into the fund it came from — rental paybacks must go toward new rental projects, commercial loans to business projects and home loans to owner-occupied projects.
There are dozens of requests for commercial funding, but there are no funds available because none have been repaid.
The current balance of the fund is $280,991.62, with 47 percent of the repayments coming from rental repayments and the rest from owner-occupied repayments.
The change would allow that money to go toward commercial property.
For complete story, see the Monday, May 12, print edition of The Free Press or sign onto our e-edition.
Click here to access Free Press e-edition
Local News
Fix-up fund getting fixed
New plan would allow money to go toward commercial property
- Local News
-
-
Mankato's civic center strategy: Ask for $14.5 million, but plan for less
The city’s strategy to get state money to expand the Verizon Wireless Center is to ask for the full $14.5 million but show the state it can build the project in phases, City Manager Pat Hentges said.
-
City gives thumbs down to chickens
Chickens won’t be coming home to roost in Mankato anytime soon.
-
Attorney plans mental illness defense for stabbing
Requests for search warrants that have been filed with the case also reveal clues Minnesota Security Hospital staff missed when they let Ewing leave the facility with his mother, Marlys Helen Olson of Coon Rapids.
-
Cooperative baseball complex to be christened Saturday
The fledgling community athletic fields at Rosa Parks Elementary School is a joint venture of the city of Mankato, Mankato Area Public Schools and MAYBA.
- Mankato council to talk gay marriage
- City approves new bus routes
-
Highway 93 near Henderson reopened
Highway 93 reopened.
-
Helicopter pilot hospitalized after crash near Delavan
Pilot remains hospitalized after crash near Delavan Friday.
- Storms prompt flood concerns
-
Suffering in Silence, Part 3: Core services remain, but professionals are spread thin
When Irvin Schaefer left the hospital, the first thing he did was sign up for day treatment. It’s a kind of step down from the hospital for people who aren’t ready to live on their own.
- More Local News Headlines
-
Mankato's civic center strategy: Ask for $14.5 million, but plan for less
Sister Says She Reported Brother in Patz Killing
Patz Suspect's Sister: I Went to Police in 1980s
Diplomatic Expulsions Follow Fresh Syria Report
15 Dead in Northern Italy's 5.8-magnitude Quake
Angry Birds Spreading Their Wings
Witness Describes Fla. Face-chewing Attack
Man Falls Off Crane, Dies After Police Standoff
Russia Condemns Ally Syria Over Massacre of 108
Dairy Farm Uses Chiropractor to Help Cows
Unexpected Smog in Pristine National Parks
Air Canada Plane Makes Emergency Landing
New Ticks Spread Across Southeast, Diseases Rise
Bring Your Own Tech Programs Charge Up Students
Pope's Butler Vows to Help Vatican Investigation
Mother of Allegedly Abused Girl Denies Claims
Raw Video: 19 Dead in Qatar Shopping Mall Fire
Service Dogs Help Wash. Soldiers Battling PTSD
Raw Video: Heckler Bursts in on Blair Testimony
Japan Farmers Plant, Seek Radiation-free Rice
