2023 Legislative Priorities
Since the civil unrest in May 2020, the Lake Street Council’s We Love Lake Street program has provided grants to 500 small businesses and nonprofits on the Lake Street corridor, helping businesses like yours repair and improve damaged buildings, restore lost inventory, and purchase properties.
There is still more to rebuild and more local businesses and nonprofits that need support. That is why the Lake Street Council is calling on Minnesota legislators to invest directly in our We Love Lake Street program this session.
We Love Lake Street is a proven program that has provided reliable, community-powered solutions, and we believe it deserves state investment. Public funding would help us continue to directly support more businesses and nonprofits along the corridor as they recover, ensure that more redevelopments uplift community goals, including local ownership, and power community-building initiatives.
Lake Street Council supports state funding for the City of Minneapolis’s Commercial Property Development Fund (CPDF). This innovative program builds wealth in BIPOC communities by providing developers and small businesses with patient debt capital on favorable terms to facilitate the completion of commercial real estate development and acquisition, with a focus on economically challenged areas. Lake Street Council supports the City's suggested allocation of $200 million for the CPDF program.
Lake Street Council also supports the goals of the People of Color and Indigenous Caucus and their effort to allocate targeted investments that address the needs of smaller BIPOC businesses, generate wealth building opportunities in BIPOC communities, and restore the vitality of local commercial corridors.
Lake Street Council supports bonding investments along commercial corridors and areas impacted by the Civil Unrest of 2020. We particularly wish to encourage more public-private partnerships, nonprofit community redevelopment projects, and arts and cultural development projects. We support state bonding investments that can revitalize retail and commercial activities, create wealth building opportunities for BIPOC entrepreneurs, generate mixed-use and affordable commercial and housing projects, and tackle the most complex rebuilding challenges facing our communities.
Finally, the Lake Street Council supports the creation of a Value Capture District to establish an ongoing funding source for economic development activities on corridors impacted by civil unrest, including both real estate development support and investment in programming.
In addition, are asking Minnesota legislators to continue funding DEED’s Main Street Economic Revitalization program, and COVID-19 relief program.
If you are interested in learning more about our advocacy efforts or would like to show your support at the Minnesota capitol this session, please contact Russ Adams at russ@lakestreetcouncil.org.
