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  • MMCDC Helps Transform the Ford Center in Detroit Lakes

    Feb 11, 2013 by

    BriefcaseJobs Created:

    More than 1,000 workers

    Ford twilightTransformation of the Ford Center from dilapidated warehouse-style building to upscale office complex was a significant community development feat in Minnesota. It combined two federal tax credits –New Markets and Historic – with other financing to reinvigorate the old Ford Motor assembly plant for its next 95 years of service. MMCDC’s attractive $9.5 million loan was part of a large financing package. The 11-story building’s interior design contrasts enlarged black-and-white photos of the Ford factory with contemporary art, lighting, and decor. When fully leased, this 270,131-square-foot structure will house 1,000-plus workers in a neighborhood with a 36.6 percent poverty rate and a 22 percent unemployment rate.

    PROJECT SPONSOR:

    mmcdc_logoMidwest Minnesota CDC Julia Nelmark 218.844.7019

    PROJECT HIGHLIGHTS:

    • Transformation of the Ford Center from dilapidated warehouse-style building to upscale office complex
    • Programs used: New Markets Tax Credit and Historic Tax Credit
    • Partners: United Properties (developer), National Park Service, Minnesota Historic Preservation Office, private lenders, local government

    COMMUNITY PROFILE:

    • Detroit Lakes, MN
    • Poverty rate of 36.6%
    • Unemployment rate of 22%
    • Located in Minnesota Historic Warehouse District
    • Median family income 21% of area median income (as of 2000 Census)

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