DEED Funding Central Research Property

The Minnesota Department of Employment and Economic Development (DEED) has announced more than $2.2 million in awards for eight redevelopment and demolition projects statewide including one in Red Wing.

DEED awarded the city of Red Wing $232,000 for asbestos abatement and demolition on the Central Research Property's 25.80-acre site.

Located at 250 Highway 19 and historically used as a research lab, this site has the potential as an industrial development site.

The city will issue a general obligation bond to secure the loan.

The total state grant funding will create or retain 112 jobs, collectively increase local tax bases by $1.82 million and leverage $230.9 million in private investment.