Two worthy projects on the job-hungry North Side of Minneapolis broke ground last week.
Small business owner Gloria Freeman started the $1.2 million purchase-and-renovation of a long-shuttered charter school into Olu's Center, a day care for infants-to-school age children as well as seniors that will employ 25 people at $11 to $25 per hour plus benefits.
"The contractors are at work," said Freeman, a former insurance underwriter who also operates nine Olu's Home group homes. "This has been five to six years in the making for me. I'm ready.
"The building will be much better with lots of color and more windows. Seniors tend to be happier when they are around young kids and the kids are not afraid of them. The seniors who want will be reading with the children, gardening and other scheduled, integrated activities."
The 18,000-square-foot building at 1315 12th Av. N., is being financed by the Minneapolis-based Community Reinvestment Fund (CRF), Century Bank and the Metropolitan Economic Development Association (MEDA). Freeman's project also is the first in the Twin Cities to benefit from an initiative of the Calvert Foundation and CRF in several cities offering loans to small businesses that are not able to secure financing from commercial lenders.
The program, called "Ours To Own," allows individual investors to help finance local businesses. In the past, community development lenders such as CRF depended on banks, corporations and foundations. Now, individuals can invest as little as $20 and earn interest (details at www.vested.org). The investments support CRF's small-business lending program in distressed neighborhoods.
Nonprofit developer Building Blocks also has started building a 47-unit affordable apartment complex at Penn Av. N. and Golden Valley Road.
The $10.75 million project, "Commons at Penn," will include retail space and house the nonprofit developer, which also works with young people and other nonprofits on mentoring, educational programs, job training and health care.