North Minneapolis Facility Brings Sports, Entrepreneurism, Sense of Community
V3 Sports, a nonprofit in North Minneapolis, opened a community-inspired health and wellness facility in June, already surpassing its membership goal with over 900 members. U.S. Bank provided significant support through a $100,000 grant from the U.S. Bank Foundation and a $1.8 million investment in New Markets Tax Credits equity.
The 40,000-square-foot facility includes a swimming pool, fitness center, Boys & Girls Club, workforce development center, and entrepreneurial incubator space. It aims to elevate the North Minneapolis community through fitness, wellness, and education. The project is part of U.S. Bank's place-based investing initiative, focusing on building wealth in low-to-moderate income communities and communities of color.
V3 Sports now employs nearly 70 people and plans to expand with a second phase, adding 200,000 square feet and a 50-meter competition pool. This development is expected to create approximately 100 jobs and stimulate economic activity in the area.
V3 Sports, un'organizzazione senza scopo di lucro nel nord di Minneapolis, ha aperto a giugno un centro comunitario di salute e benessere, superando già il suo obiettivo di adesione con oltre 900 membri. U.S. Bank ha fornito un supporto significativo tramite un finanziamento di 100.000 dollari dalla U.S. Bank Foundation e un investimento di 1,8 milioni di dollari in crediti d'imposta per i nuovi mercati.
La struttura di 40.000 piedi quadrati include una piscina, un centro fitness, un Boys & Girls Club, un centro di sviluppo della forza lavoro e spazi per incubatori imprenditoriali. L'obiettivo è elevare la comunità del nord di Minneapolis attraverso il fitness, il benessere e l'istruzione. Il progetto fa parte dell'iniziativa di investimento basata sui luoghi di U.S. Bank, focalizzata sulla costruzione della ricchezza nelle comunità a basso e medio reddito e nelle comunità di colore.
V3 Sports attualmente impiega quasi 70 persone e prevede di espandersi con una seconda fase, aggiungendo 200.000 piedi quadrati e una piscina di competizione di 50 metri. Si prevede che questo sviluppo creerà circa 100 posti di lavoro e stimolerà l'attività economica nell'area.
V3 Sports, una organización sin fines de lucro en el norte de Minneapolis, abrió en junio una instalación comunitaria de salud y bienestar, superando ya su objetivo de membresía con más de 900 miembros. U.S. Bank proporcionó un apoyo significativo a través de una de la U.S. Bank Foundation y una inversión de 1.8 millones de dólares en créditos fiscales para nuevos mercados.
La instalación de 40,000 pies cuadrados incluye una piscina, un centro de fitness, un Boys & Girls Club, un centro de desarrollo de la fuerza laboral y espacio para incubadoras empresariales. Su objetivo es elevar la comunidad del norte de Minneapolis a través del fitness, el bienestar y la educación. El proyecto es parte de la iniciativa de inversión basada en la ubicación de U.S. Bank, centrada en la creación de riqueza en comunidades de ingresos bajos a moderados y comunidades de color.
V3 Sports emplea ahora a cerca de 70 personas y planea expandirse con una segunda fase, añadiendo 200,000 pies cuadrados y una piscina de competición de 50 metros. Se espera que este desarrollo genere aproximadamente 100 empleos y estimule la actividad económica en la zona.
노스 미니애폴리스에 있는 비영리단체 V3 스포츠가 6월에 커뮤니티 중심의 건강 및 웰니스 시설을 개장하였으며, 현재 900명 이상의 회원으로 목표를 초과 달성하였습니다. U.S. Bank는 U.S. Bank Foundation으로부터 10만 달러 보조금과 180만 달러 투자를 통해 상당한 지원을 제공하였습니다.
40,000 평방 피트 규모의 시설에는 수영장, 피트니스 센터, Boys & Girls Club, 직업 개발 센터 및 기업가 정신 인큐베이터 공간이 포함되어 있습니다. 이 시설은 피트니스, 웰빙 및 교육을 통해 노스 미니애폴리스 커뮤니티를 향상시키는 것을 목표로 합니다. 이 프로젝트는 저소득 및 중간 소득 커뮤니티와 유색 인종 커뮤니티의 부를 구축하는 데 중점을 둔 U.S. Bank의 지역 기반 투자 이니셔티브의 일환입니다.
V3 스포츠는 현재 거의 70명을 고용하고 있으며 200,000 평방 피트를 추가하고 50미터 경쟁용 수영장을 설치하는 두 번째 단계로 확장할 계획입니다. 이 개발은 약 100개의 일자리를 창출하고 지역 경제 활동을 촉진할 것으로 예상됩니다.
V3 Sports, une organisation à but non lucratif dans le nord de Minneapolis, a ouvert en juin une installation communautaire de santé et de bien-être, dépassant déjà son objectif d'adhésion avec plus de 900 membres. U.S. Bank a fourni un soutien significatif par le biais d'une subvention de 100 000 dollars de la U.S. Bank Foundation et d'un investissement de 1,8 million de dollars en crédits d'impôt pour les nouveaux marchés.
Cette installation de 40 000 pieds carrés comprend une piscine, un centre de fitness, un Boys & Girls Club, un centre de développement de la main-d'œuvre et des espaces pour des incubateurs d'entreprises. Elle vise à élever la communauté du nord de Minneapolis grâce au fitness, au bien-être et à l'éducation. Le projet fait partie de l'initiative d'investissement de U.S. Bank axée sur le développement de la richesse dans les communautés à faibles et moyens revenus et les communautés de couleur.
V3 Sports emploie désormais près de 70 personnes et envisage de s'étendre avec une deuxième phase, ajoutant 200 000 pieds carrés et une piscine de compétition de 50 mètres. Ce développement devrait créer environ 100 emplois et stimuler l'activité économique dans la région.
V3 Sports, eine gemeinnützige Organisation im Norden von Minneapolis, eröffnete im Juni eine gemeinschaftlich inspirierte Gesundheits- und Wellness-Einrichtung und überschritt bereits ihr Mitgliederziel mit über 900 Mitgliedern. U.S. Bank leistete erhebliche Unterstützung durch einen Zuschuss von 100.000 US-Dollar von der U.S. Bank Foundation und eine Investition von 1,8 Millionen US-Dollar in New Markets Tax Credits-Equity.
Die 40.000 Quadratfuß große Einrichtung umfasst ein Schwimmbad, ein Fitnesscenter, einen Boys & Girls Club, ein Zentrum für berufliche Entwicklung und Raum für ein unternehmerisches Inkubator. Das Ziel ist es, die Gemeinschaft im Norden von Minneapolis durch Fitness, Wellness und Bildung zu stärken. Das Projekt ist Teil der ortsgebundenen Investitionsinitiative von U.S. Bank, die sich auf den Wohlstand in einkommensschwachen bis moderaten Gemeinschaften und Communities of Color konzentriert.
V3 Sports beschäftigt jetzt fast 70 Personen und plant eine Erweiterung in einer zweiten Phase mit 200.000 Quadratfuß und einem 50-Meter-Wettkampfbecken. Diese Entwicklung wird voraussichtlich etwa 100 Arbeitsplätze schaffen und die wirtschaftliche Aktivität in der Region ankurbeln.
- U.S. Bank provided $100,000 grant support to V3 Sports
- U.S. Bancorp Impact Finance invested $1.8 million in New Markets Tax Credits equity
- V3 Sports facility has attracted over 900 members, exceeding its goal of 600
- The project has created nearly 70 jobs, with potential for 100 jobs after phase two completion
- The investment aligns with U.S. Bank's strategy for community development and place-based investing
- None.
Insights
This initiative by U.S. Bank demonstrates a strong commitment to community development in North Minneapolis. The
The project's focus on health, wellness and entrepreneurship aligns well with community needs and has potential for long-term positive impact. The creation of nearly 70 jobs, with plans for 100 total, contributes to local economic development. The planned expansion, including a competition-grade swimming pool, could further boost the area's profile and attract additional investment.
U.S. Bank's place-based investing strategy in North Minneapolis shows a thoughtful, long-term approach to community development. By supporting multiple local organizations and leveraging various financial tools, the bank is positioning itself as a key partner in the area's revitalization. This approach could yield reputational benefits and strengthen U.S. Bank's position in the local market.
U.S. Bank provided V3 Sports with place-based investing grant support and New Markets Tax Credit investment
Originally published on U.S. Bank company blog
NORTHAMPTON, MA / ACCESSWIRE / September 25, 2024 / V3 Sports in North Minneapolis opened a community-inspired health and wellness facility in June and the nonprofit already has more than 900 members.
"Our goal for the year was 600," said executive director Malik Rucker. "This speaks to the community's desire and demand for quality facilities in North Minneapolis. There is a need here. We are 92 percent North Siders as far as membership; we are hitting our target audience."
V3 started in 2007 as a triathlon team that competed locally and at the national level. Through working with students and their families, founding director Erika Binger realized there was a lack of infrastructure for water safety in North Minneapolis.
She and other leaders began to explore how they could create a space for the team to operate in year-round and provide other needed resources to the area. (For more, see the video above.)
North Minneapolis, close to the U.S. Bank headquarters, is a geographic area where the bank is focused on place-based investing, a concentrated, long-term effort that involves community co-design with strategic partners to help build wealth in low-to-moderate income communities and communities of color.
The U.S. Bank Foundation awarded a
The organization is living out its mission through its 40,000-square-foot, multi-phased, mixed-use facility that includes a 25-yard instructional swimming pool for children and adults, a hydrotherapy pool, a Boys & Girls Club, a fitness center with drop-in childcare, a workforce development center featuring a job training facility, and an entrepreneurial incubator space.
"V3 is a one-of-a-kind facility that creates space for the community to come together, for individuals to grow personally, and to attract business and economic development opportunities to the region," said U.S. Bank community affairs manager Sofia Terzic.
"The leadership at V3, led by Malik and Erika, has built the vision of V3 by listening to community, which is something we highly value at U.S. Bank," Terzic said. "They use the facility to elevate community and individuals. We are excited to support V3 as it supports the growth and prosperity of North Minneapolis and its residents."
In addition, U.S. Bancorp Impact Finance made an investment of
"Our investment provides equitable access to health and wellness resources for North Minneapolis residents and helps to close the opportunity gaps of investment and infrastructure between downtown and North Minneapolis," said Dan Blocher, Impact Finance senior vice president and business development officer.
Rucker said that NMTCs can be a difficult form of financing but, "we made it work and now look at what's happening at V3. We are very thankful."
In addition to U.S. Bank Foundation support for V3, funds have supported other nonprofits doing work in North Minneapolis, including Playworks and Minneapolis Parks Foundation.
The investments made in all three organizations are part of U.S. Bank's concentrated, long-term focus in North Minneapolis to leverage the bank's array of products and services to drive lasting impact, help create safe recreation opportunities, and build thriving communities."
"We are focused on powering potential, and that guides our strategy for community relationships," Terzic said. "As a crucial neighborhood in our headquarters market, we are committed to supporting North Minneapolis so the community and its residents can thrive."
According to Rucker, V3 now employs nearly 70 people and as phase two is completed, approximately 100 jobs will have been created.
"The jobs being created and the geographic location are intended to have a spillover effect in bringing economic activity to the Plymouth Avenue corridor - where our facility sits - in North Minneapolis," he said.
Phase two will add 200,000 square feet and is expected to break ground in approximately one year. Plans include the installation of a 50-meter competition pool used in the 2020 U.S. Olympic Swimming Trials in Omaha, Nebraska, with the intent to create a regional swimming hub in North Minneapolis.
"U.S. Bank is really the only company so far that has walked alongside us - a testament to how the organization listens to the community and invests in businesses," Rucker said. "Place-based investing is building out a community with community, in community."
*U.S. Bank Foundation is a tax-exempt private foundation described in section 501(c)(3) of the Internal Revenue Code. The Foundation is funded primarily through contributions from U.S. Bank National Association and its affiliates and subsidiaries. The Foundation's mission is to close the gaps between people and possibility in the areas of work, home and play.
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SOURCE: U.S. Bank
View the original press release on accesswire.com
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