City of Faribault Recently Awarded $800K For Clean Up Of Apartment Site
The Minnesota Department of Employment and Economic Development (DEED) awarded $5.34 million in grants to nine cities across Minnesota to clean up 11 contaminated sites approved for redevelopment. One of those cities that received a portion of the $5.43 million was Faribault. Faribault will get slightly over $800,000 to clean up a parcel of property on First Avenue East.
According to the DEED media release, Faribault was, "awarded $802,831 in cleanup funds for this 2.87-acre site contaminated with petroleum and other contaminants. Historically used for bulk petroleum storage, a city dump and most recently maintenance and storage for the city’s public works department, this site will be redeveloped with a five-story, 111-unit apartment building with one level of underground parking. It is anticipated this project will increase the tax base by $201,607. Matching costs will be paid by the developer."
According to a Civic Alert from the City of Faribault; "Thanks to the grant and due to efforts by the City, it can now reduce the potential threat to public health and environment, create new jobs, increase the tax base, and provide other public benefits by redeveloping polluted and unproductive sites."