Economic Development Programs

Revolving Loan Funds:

The Saint Peter Economic Development Authority (EDA) administers a $3,723,214 revolving loan portfolio to stimulate private sector investment in new or expanding Saint Peter businesses.

Revolving loan funding can be used to finance the acquisition of fixed assets such as buildings, machinery and equipment. Loans may also be available to provide working capital needs for business start-ups, relocations or expansions.

Loan terms and conditions are established by a recommendation of the EDA to the City Council. Interest rates are targeted to 2.5% below the New York Prime rate. Security and collateral are negotiable.

Interested loan applicants are encouraged to meet with the Community Development Director to discuss project eligibility and to complete loan application materials. Loan applications are reviewed by staff and considered by the EDA at regular monthly meetings.
 

Facade Renovation/Historical Enhancement Revolving Loan Fund:

The purpose of the renovation / historical enhancement program is to provide financial incentives and assistance to encourage investments in the historical Central Business District. The program funds exterior building improvements made to eligible downtown historical buildings.

Interest free loans may be provided to finance 50% of the costs of renovation. Maximum loan amounts are $10,000 per historic structure. Additionally, all renovation must meet the criteria of the "Secretary of the Interior's Standards for Historic Preservation Projects".

The Saint Peter Heritage Preservation Commission, Economic Development Authority and City Council must approve all projects.
 

Heritage Preservation Commission:

Heritage preservation and revitalization of Saint Peter's downtown district has been a recognized priority for years. In 1988, the City Council acknowledged this need and adopted the Saint Peter Heritage Preservation Ordinance creating the Heritage Preservation Commission to guide the restoration and rehabilitation of the historic business district.

The Heritage Preservation Ordinance is intended to preserve the natural beauty and distinctive character of the downtown district. Adherence to the ordinance will promote the charm and atmosphere of an integrated shopping, living, entertainment and recreation area for visitors and the citizens of Saint Peter.

Prior to the issuance of a building permit for signs, graphics or work which would alter the appearance of any designated property the Heritage Preservation Commission must review the project for conformance with the Secretary of Interior's Standards for Rehabilitation.

Design review applications are available from the Community Development Office.
 

Traverse Green Subdivision:

For more information and financial assistance programs go to Traverse Green Subdivision, contact the Community Development office at 507-934-0661 or email Russ Wille at russw@saintpetermn.gov.