SR 26-190: Presentation on Downtown Vitality Fund Economic Development Recommendations

Description

Presentation on Downtown Vitality Fund Economic Development Recommendations

Summary

The City of St. Paul’s Downtown Vitality Fund—Economic Development program, approved by the HRA in February 2026, allocates about $2 million from a $5 million fund to improve downtown properties, fill vacant spaces, support businesses, and activate public areas. Grants support projects under $100,000; larger awards are four-year deferred forgivable loans, subject to annual reporting, continued downtown operations or leasing, and collateral requirements. The recommendations include $518,000 for ten smaller projects and request HRA approval for $799,800 to restore the Endicott Arcade at 134 5th Street East and $682,200 to renovate 428 Minnesota Street for civic, café, meeting, and event uses. Awards over $500,000 require HRA approval.