Community Planning & Economic Development
 

Planning and Zoning
Public Service Center
250 S. 4th St., Suite 300
Minneapolis, MN 55415
311 or (612) 673-3000

Commercial Property Development Fund (CPDF)

What is the Commercial Property Development Fund?

The Commercial Property Development Fund (CPDF) is an economic development financing tool of the City of Minneapolis. The economic inclusion purpose of this tool is to fill significant funding gaps by providing forgivable patient debt capital for commercial real estate development and acquisition in the city of Minneapolis, with a focus on economically challenged areas. CPDF provides developers and small businesses with patient debt capital on favorable terms to facilitate the completion of commercial real estate development and acquisition.

Terms and conditions 

Maximum Loan Amount:The smaller of 33% of approved project costs or $7.5 million. Expected loan amount based on current fund pool: Between $400,00-to-$800,000-per-project.
Term:40 years
Interest:0%
Payments:

Repayment of full principal balance due if one of the following events occurs:

  1. Changes in property ownership to a non-qualified heir or successor owner(s) without the consent of the City; or
  2. material change in use of property without the consent of the City.
Debt Forgiveness:

No debt forgiveness during term. At the end of the term principal balance forgiven if the borrower meets the following conditions:

  1. there are no material changes in use of property;
  2. there are no issues with delinquent taxes;
  3. there are no unresolved City zoning or property maintenance violations; or
  4. there are no other defaults on the loan.

Specific debt forgiveness terms to be approved during loan approval process.

Collateral:Subordinated mortgage and or subordinated position in other collateral.

   Who is eligible

Eligible uses

How to apply

Please download and review the Notice of Funding Availability (PDF) for more details. 

Interested parties should provide a brief description of their request and send it to [email protected] to request a meeting with a CPED staff member.

All programs and guidelines are subject to change without notice.

Last updated Feb 11, 2021

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Para asistencia 612-673-2700, Yog xav tau kev pab, hu 612-637-2800, Hadii aad Caawimaad u baahantahay 612-673-3500. 

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