Redevelopment Programs and Services
The Brainerd Housing and Redevelopment Authority (HRA) can administer redevelopment programs and services within the City of Brainerd. Redevelopment is basically defined as the substantial improvement of blighted property, through demolition, substantial rehabilitation, or new construction. This can include residential, commercial, and industrial real estate. The Brainerd HRA looks for redevelopment projects that will serve to improve a neighborhood, create good jobs, and invigorate a downtown. Some redevelopment powers the Brainerd HRA possesses are listed below:
Bonding: The Brainerd HRA has the ability to issue bonds (both tax exempt and taxable). Bonds are sold to investors and the money the Brainerd HRA receives from the sale of the bonds is paid back with a low rate of interest to the investors over either a short, medium, or long term. The bond funds are used by the Brainerd HRA for a variety of purposes, including:
New construction of single-family, owner occupied housing.
New construction multi-family rental housing.
New construction of commercial or industrial properties.
Renovation of single-family, multi-family housing structures, and commercial/industrial buildings.
Demolition of blighted single-family, multi-family, and commercial or industrial buildings.
Tax Increment Financing (TIF): TIF financial assistance is provided to developers and owners of residential, commercial, and industrial property to make significant improvements to a specific parcel or real estate that will benefit the community. TIF funds are generated by the construction of something of significant value on a parcel of land. The difference in property tax value in the property (the value before something was build versus the value after) is provided to the developer/owner of the property for a certain period of years. TIF can only be used if it can be proved by the developer that the project cannot happen without it, and the City of Brainerd approves it. The Brainerd HRA can assist developers by providing access to organizations that provide TIF technical assistance (the Brainerd Lakes Area Development Corporation), administering the TIF district once it is created. For more information about TIF click here.
Access to funding: The Brainerd HRA can provide developers of residential and commercial property with access to funding sources (public and private) and technical assistance.
The Brainerd HRA uses the redevelopment powers listed above to accomplish projects that serve a positive purpose for the City of Brainerd. For more information please contact Doug by e-mail or phone (218) 828-3705 ext. 205.
P: (218) 828-3705
F: (218) 828-8817
info@brainerdhra.org
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