The most newsworthy development at the meeting was the introduction of the Commercial Corridor Organization Assistance Program (CCOAP). This initiative is designed to inject $1,400,000 into organizations situated along St. Paul’s commercial corridors. The funds, derived from the economic development star funds, are earmarked for various uses including beautification, administrative costs, and planning efforts. Daniella Lorenz from the economic development team outlined the program’s structure, emphasizing flexibility in funding allocation. Organizations with a history of engagement in the designated corridors will receive approximately $82,000 per corridor, contingent on using the funds within one year. Importantly, these funds are channeled through organizations rather than directly to businesses, promoting partnerships, particularly among smaller entities.

Commissioners discussed the potential of the CCOAP to transform neighborhoods by supporting local businesses and community initiatives. The program encourages collaboration among organizations, with a focus on equitable distribution of funds across 17 targeted areas. The conversation highlighted the need to avoid duplicating funding for identical scopes of work already supported by other programs, such as Neighborhood Star. There was a consensus that this pilot initiative should serve as a learning opportunity, with the potential to expand or adjust based on its initial success.

Parallel to the economic initiatives, the meeting addressed pressing housing issues, starting with the approval of Resolution 205431, which involved partial loan forgiveness for the Commerce Building Phase I and II projects. This resolution was passed unanimously. Commissioner Nager and Director Nicolle Newton praised Commonbond and PAC Properties for their roles in affordability efforts.

The meeting also saw the approval of Resolution 205423, amending affordability requirements for the Inspiring Communities program. Due to rising economic pressures, the income limit for buyers of owner-occupied duplexes will increase from 80% to 115% of the area median income, aligning with Minnesota Housing Finance guidelines. This adjustment aims to make homeownership more accessible amid rising interest rates. The resolution received unanimous support, with a commissioner acknowledging the challenges potential homeowners face in securing financing.

Further supporting housing stability, the Emergency Rental Assistance Eviction Prevention Program was greenlit. This initiative, a new effort to utilize local affordable housing funds, is set to launch within thirty days. It aims to aid families facing eviction, fortifying the city’s efforts to provide housing security. The program’s approval received commendation from commissioners, who recognized the leadership required to develop such a support system.

Discussions also explored the effectiveness of existing programs in stimulating local businesses. Commissioners emphasized the importance of transforming vacant spaces into functional enterprises to bolster community engagement and the local tax base. Specific areas, such as Rice Street and the Lower Afton and McKnight intersection, were identified as having untapped potential, particularly for BIPOC-owned businesses.