City of St. Cloud Construction Assistance Program

The City of St. Cloud has a program to help business owners construct new or remodel an existing building.  Time is limited, so continue reading to get the details and apply today! 

Eligible Activities

The Construction Assistance Program (CAP) will provide reimbursements for qualified construction activities located in the City of St. Cloud that result in job creation or retention, including:

• Construction of new commercial or industrial building
• Substantial rehabilitation of existing commercial or industrial buildings (including costs to bring building into compliance with the current building code and ADA requirements, costs related to the installation of fire suppression and energy efficient HVAC systems, as well as upgrades to a building's electrical, plumbing or wall systems)
• Expansion of existing commercial or industrial buildings
• Tenant improvements which require construction
• Building demolition and redevelopment for commercial or industrial buildings
• Site-related work including contamination clean up, soil correction, pilings site, and stabilization, utility relocation or upgrades

Demonstrated Need

A business or building owner must provide the St. Cloud Economic Development Authority EDA with written evidence that the requested assistance is warranted and necessary and without such assistance the project would be unable to proceed.

Reimbursement Ratio

Construction assistance would be provided as a reimbursement of up to 25% of eligible project costs.  Applications would only be considered for private construction projects requiring a minimum construction investment of $40,000. (For example: a business wishes to upgrade its facilities and make it more energy efficient.  The business has sworn construction statements reflecting a total project cost of $40,000.  The business could apply for up to $10,000 in Construction Assisstance.)

Forgivable Loan Approach

Construction Assistance will be provided as a forgivable loan.  A mortgage lien will be placed on the building security.  The loan will be forgiven if the property is properly maintained and under the original ownership for 5 years after project completion.  If the subject property is sold within 5 years of project completion, a pro-rated share of the loan must be repaid along with 5% accrued interest.

Time Frame

All applications are subject to review and approval by the EDA.  Construction must commence no later than July 1, 2012 and reimbursement must occur no later than December 31, 2012. 

Contact Us

Contact us for more information.  Click here for the complete details of the St. Cloud Construction Assistance Program.