Completed Projects
Project Festival Foods
The Project:
Festival Foods requested $12.75 million of New Market Tax Credit allocation from First-Ring Industrial Redevelopment Enterprise (“FIRE”), that was paired with $6 million of NMTC allocation from Impact Seven and $4 million of NMTC allocation from Bremer Bank CDE, to finance the adaptive reuse of former Pick N’ Save building into a 74,000 square foot grocery store. The Project resulted in the creation of quality accessible jobs, the elimination of urban blight from a vacant building, and will provide affordable healthy food options to the surrounding community
Total Project Costs $0
FIRE NMTC Allocation $12,750,000
NMTC Investor Bremer Bank
Closing Date December 2020
Distress Criteria
Community Impacts
Jobs:
The project created 155 full-time positions, 90% of which are quality, and 96% permanent jobs are available to low-income persons based on educational attainment requirements. Additionally, 30 temporary construction jobs were created.
FIRE welcomes requests for NMTC’s throughout the year as we work to maintain an active pipeline of viable and potential projects throughout the region.