Richfield EDA proposes REVIVE forgivable-loan pilot to refresh storefronts and corridors

Richfield, Minn. — At a Richfield Economic Development Authority work session April 21, staff proposed a pilot forgivable-loan program called the Richfield Economic Vibrancy Investment and Visual Enhancement Program, or REVIVE, aimed at financing modest exterior improvements to older commercial buildings and sites to boost curb appeal and pedestrian friendliness.

The proposal presented by Jen Youngquist, economic development specialist for Richfield City, would target commercial buildings constructed before 1995 (about 75% of the city's commercial building stock) and offer forgivable loans of $2,000 to $5,000 per business or property, with no payments or interest as long as recipients meet program conditions. "The Richfield Economic Vibrancy Investment and Visual Enhancement Program or REVIVE," Youngquist said, introducing the initiative.

The EDA discussed program details and limits at length. Staff said the city has budgeted $60,000 for a pilot year and described program requirements including a loan agreement, required permits and inspections for permitted work, documentation of paid invoices, and a short reporting requirement after completion. Recipients would also be asked to subscribe to the Richfield Business Bulletin and the Elevate Hennepin newsletter and to participate in at least one SCORE educational opportunity. The program administrator would inspect completed…