PAM Wins Progress Minnesota Award

The Preservation Alliance of Minnesota was recently named a Progress Minnesota award winner by Finance & Commerce magazine. This is the first year Finance & Commerce presented the Progress Minnesota honors, which are intended for ” individuals and companies driving business and industrial growth and development in the Twin Cities and the state of Minnesota.” Here’s what they had to say about PAM:

Those who forget the past are doomed to repeat it, so they say. If the Preservation Alliance of Minnesota could reword that trope, it might instead say that those who ignore their history risk losing economic clout.

For three decades the venerable nonprofit has stepped forward when historic sites have been threatened, educating the public about their heritage. In the process, the alliance has shown that investing to save Minnesota’s historic structures is a ticket to economic development.

The alliance enjoyed two major successes in 2010. First, after 11 years of work, it successfully lobbied for the creation of the State Historic Tax Credit, making Minnesota the 30th state to introduce the credit. Second, it succeeded after three years to revive the Minnesota Main Street Program, an economic development tool aimed at reviving small-town commercial districts.

[Bonnie] McDonald says that the tax credit, passed with lobbying assistance from the Minnesota Historical Society and the State Historic Preservation Office, has helped spur 29 projects around the state. That work equals almost $580 million in construction activity and the direct or indirect creation of about 3,000 jobs, McDonald says.

Projects benefiting from the credit include the Ford Center and the Holden Building in Minneapolis and the Faribault Woolen Mills in Faribault. The St. Louis County Jail and the NorShor Theatre in Duluth also have applied for the credits, McDonald says.Likewise, the first four Minnesota Main Street Program communities have netted 13 new businesses and 42 new jobs, according to the alliance’s figures. Private investment in those towns has reached almost $1.4 million, McDonald says.

Read Finance & Commerce‘s full write-up here.

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