The Edina HRA has created the SPaRC program to encourage and incentivize new private investment in Edina’s commercial and industrial districts. This program was created in response to special Minnesota legislation that provided municipalities new tools to accelerate job creation and economic recovery from the COVID-19 pandemic. This program is financed using existing monies – no new taxes are being levied by the City or HRA to fund this program.
The SPaRC program can provide loans, grants or equity to support brick and mortar investment. New construction and building renovations can be funded with this program. To a limited extent, public improvements that are vital to the private investment can also be funded with this program.
All SPaRC funding projects must be completed by December 31, 2025.
- Located within the City of Edina
- New construction or substantial building rehabilitation
- Create new jobs
- Unable to proceed without public financial intervention
- Deliver benefits to the general public