First Independence Bank is one of only approximately nineteen institutions in the country designated as a Black-owned depository institution and the first in Minnesota. First Independence Bank is headquartered in Detroit, Michigan where the first branch opened in 1970. First Independence Bank strategically selected Lake & Hiawatha its second Minnesota location because the area has a large disparity in home ownership for people of color and is under-served by financial institutions.

Resolution 21-HCHRA-0027 authorized a lease between the Hennepin County Housing and Redevelopment Authority and First Independence Bank at the South Minneapolis Human Service Center. First Independence will fill the vacant 4,296 square feet of east end cap retail space of the building. This resolution also authorized the use of $257,760 ($60 per square foot) for tenant improvements.  

This board action requests that $257,760 be moved from capital project 1008339 Mental Health Clinic Relocation (this project to move the Mental Health Clinic to the South Minneapolis Human Service Center was completed under budget) to capital project 1001597 HSPHD South Minneapolis Regional Service Center.

This action supports the county's disparity reduction efforts by increasing access to financial tools and banking to communities of color. Additionally, the action supports the first Black-owned financial institution in Minnesota.   

Impact/Outcomes: This action will allow the county to reimburse First Independence Bank for tenant improvements.