The Rundown
Details about the 35th and Penn Cooperative
The Northside Investment Cooperative Enterprise (NICE) is a community-owned investment cooperative in North Minneapolis that purchases properties to create and maintain affordable housing and commercial space for Northside residents prioritizing Black, Indigenous, and People of Color.
Cooperative Model
A community-driven model for local development, the cooperative model allows Northside residents to have a vested interest in their local community through collective ownership. A membership share of $50 (those with more funds can buy multiple non-voting shares), allows for membership at every income level. In decision making, every member has one vote (no matter how many shares they have), and thus make cooperative decisions, including electing a board to make day to day decisions.
35th and Penn
The Twin Cities Land Bank has acquired 3445 and 3449 Penn for NICE to Repurchase in the next 1-3 years. The Land Bank is in active purchase agreements for 3501 Penn and 3453 Penn as well.
NICE is partnering with the Partnership in Property Community Land Trust (PIPCLT), who will own and hold the land in trust and NICE will own the buildings, ensuring long term affordability and community control.
Finances
We estimate the entire acquisition costs and any needed rehabilitation to be up to $1.5 million conservatively. 3445 and 3449 Penn currently acquired will cost approximately $550,000 to repurchase from the Land Bank.
- 40% Commercial Land Trust share of the acquisitions
- $148,000 forgivable loan from the Cleveland Neighborhood Association
- 10% Membership investment (including grants converted to shares for low income residents)
- $660k additional funds needed to be raised
The shared values of NICE:
- North Minneapolitans need real ownership over community vision
- What we don’t have individually, we can achieve collectively
- Lower barriers for entrepreneurship
- Preserve and improve affordable housing and commercial spaces
Current Leadership Team
Mike Elliott | Anissa Keyes | Jamil Ford | Ariah Fine | Ini Augustine | Aarica Coleman | C Terrence Anderson |