(St. Paul, MN) – The city of Springfield will get a piece of more than two million dollars in state grants and loans awarded by the Minnesota Department of Employment and Economic Development.

DEED awarded seven grants and loans throughout the state from the Redevelopment Grant and Demolition Loan Program.

Springfield was awarded  $111,426 in Demolition Loan funds for the demolition of three grain elevators.  The .37-acre site has the potential for commercial development.  The city will issue a revenue bond to secure the loan.

The Demolition Loan Program helps development officials with the costs of demolishing old blighted buildings on sites that have future development potential, but where there are no current development plans.

Click here to LIKE Southern Minnesota News on Facebook.

Click here to FOLLOW @SouthernMNnews on Twitter.

(Copyright © Southern Minnesota News.  Alpha Media Mankato.  All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)