Minneapolis business owners are left to foot demolition bills after the latest round of riots terrorized the city.
For most business owners, insurance only covers 8 to 25 percent of quoted demolition costs, according to the Minneapolis/St. Paul Business Journal.
The city reported these latest riots damaged over 133 buildings. City workers demolished the buildings with irreparable structural damage. However, business owners shared that they’re unable to clear the rubble and move forward due to contractor costs.
Approximately 1,500 Minneapolis businesses were affected earlier this summer, totaling over $500 million in damages, according to Gov. Tim Walz’s office. As a result, Minneapolis businesses were still recovering when last week’s riots hit.
Over a month later, Trump explained that his decision turned out to be “a punishment for [city leaders] being stupid because they could have stopped that [the riots] if they let the police do what they’re trained to do.”
Normally, state law requires businesses to pay their property taxes prior to receiving a demolition permit. Since property taxes were based on property worth prior to riot damages, the city waived the requirement to ease the burden. Though Minneapolis Mayor Jacob Frey issued forgivable, interest-free loans from the city’s commercial property development fund, better federal and state aid is still not available.
After this latest devastation and without adequate relief funds, it is unclear how Minneapolis businesses will bounce back.
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Corinne Murdock is a reporter at The Minnesota Sun and the Star News Network. Follow her latest on Twitter, or email tips to [email protected].
Photo “Minneapolis Riot Damage” by Tony Webster. CC BY 2.0.