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Recovery Zone Facility Bonds
Community Development Block Grant Program
Home Investment Partnership Program
Redevelopment Program
Redevelopment Incentive Grant Program
Commercial Rehab Program
Economic Development Assistance
As part of the federal stimulus bill (the American Recovery and Reinvestment Act of 2009, “ARRA”), the U.S. Treasury Department recently allocated $20,949,000 of Recovery Zone Facility Bond authority to Dakota County. The county is able to reallocate this authority to local units of government that can then use it to issue Recovery Zone Facility Bonds (“RZFBs”).
RZFBs are a new kind of tax-exempt bond, similar in some respects to an industrial development bond. RZFBs are issued by a local unit of government on behalf of a development and permit the project to use tax-exempt financing instead of taxable financing. In general, Recovery Zone Facility Bonds may be used to finance certain property in a designated Recovery Zone to which the accelerated cost recovery system would apply, (basically property that is depreciable). By offering a lower interest rate than a normal business loan, RZFBs are intended to encourage private business development that otherwise wouldn’t occur. Interested local governments need to identify a qualified project, establish a recovery zone by resolution of their governing body and submit an application form with related materials to the Dakota County Community Development Agency.
The first round of applications closes January 29, 2010. Additional applications will be accepted after this date only if remaining RZFB bonding authority is available at that time.
RZFB Procedure Manual
RZFB Application
RZFB Information Worksheet
A public information session will be held:
January 20, 2010 at 2 p.m.
Dakota County Community Development Agency
1228 Town Centre Drive
Eagan, MN 55123
Questions? Contact Deborah Haugh at (651) 675-4478 or dhaugh@dakotacda.state.mn.us
The federal Community
Development Block Grant (CDBG) Program provides annual grants on
a formula basis to Dakota County, which then distributes funds
to participating cities and townships. This program was established
to develop viable urban communities by providing decent housing
and a suitable living environment. CDBG funding expands economic
opportunities for low- and moderate-income persons and eliminates
slum/blight conditions.
Dakota County has been receiving CDBG funds since 1984. The Dakota County CDA
administers the program through a subgrantee agreement with Dakota
County.
Dakota County CDBG Manual
For more information about the CDBG Program, contact Dan Rogness
at (651) 675-4464.
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Created in 1990,
the Home Investment Partnership (HOME) Program is a flexible federal
grant program that gives participating jurisdictions the ability
to decide how the funds will be used to provide affordable housing
for persons at or below 80 percent of median income. Similar to
the CDBG Program, HOME is allocated on a formula basis. Eligible
activities under HOME include new construction of affordable units,
rehabilitation of owner and rental properties, homebuyer assistance,
rent assistance and acquisition.
In order to receive HOME funds, Dakota County formed a consortium
with Anoka, Ramsey and Washington counties. Dakota County is the
lead county of the consortium and is responsible for administering
and monitoring the program. The Dakota County CDA conducts these activities on
behalf of Dakota County.
For more information about the HOME Program, contact Stephanie
Newburg at (651) 675-4466.
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The Dakota County CDA’s Redevelopment Program
provides staff expertise to cities for redevelopment activities.
Projects have ranged from the acquisition of affordable housing
sites to the redevelopment of commercial sites on behalf of cities.
Staff assistance includes acquisition, relocation, demolition and
environmental remediation.
For more information about the Redevelopment Program, contact
Dan Rogness at (651) 675-4464.
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The Dakota County CDA’s Redevelopment Incentive Grant Program was created in 2006 to assist cities with redevelopment goals and
promote the development of affordable workforce and supportive housing. To date, the program has awarded over $2.5 million to 13 redevelopment projects and six plans.
All cities in Dakota County are eligible to participate in the program. Applications are solicited annually in the fall. Maximum award for redevelopment projects is $250,000 and $15,000 for redevelopment planning.
Redevelopment Incentive Grant Program Policy
2009 Awards (PDF)
2008 Awards (PDF)
2007 Awards (PDF)
For more information about the Redevelopment Incentive Grant Program, contact Dan Rogness at (651) 675-4464.
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Grants are available in the cities of Farmington, Lakeville, Northfield and Rosemount for the rehabilitation of commercial properties. Funding for these grants is provided through the federal Community Development Block Grant Program.
For more information about the Commercial Rehab Program, contact Dan Rogness at (651) 675-4464.
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The Dakota County CDA has served as the issuer of Industrial Revenue
Bonds, submitted grant applications on behalf of cities for redevelopment
projects and has established numerous TIF Districts including two
redevelopment districts in West St. Paul.
Staff assistance includes the acquisition of property and related
relocation requirements.
For Economic Development Assistance, contact
Dan Rogness at (651) 675-4464.
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