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Northeast Minneapolis Businesses Struggle Post Long Construction Season

2024-12-08

Businesses in Northeast Minneapolis are facing ongoing challenges even after the completion of work on Hennepin and First avenues. The construction project brought about several improvements such as bike lanes, safer crossings, and transit priority lanes, but it failed to bring in a significant number of customers. Reporter Susan-Elizabeth Littlefield and photojournalist Ray Campos have been speaking with the affected business owners to understand their pain points.

Uncovering the Post-Construction Struggles of Northeast Minneapolis Businesses

Impact on Local Economy

The long construction season in Northeast Minneapolis had a profound impact on the local economy. Many businesses reported a significant decline in sales during and after the construction period. With fewer customers coming in, they had to face difficulties in meeting their financial obligations. Some small businesses even had to consider closing down due to the prolonged economic slowdown.

For instance, a local bakery that relied heavily on foot traffic saw a sharp drop in customers during the construction. The noise and disruption made it difficult for people to approach the store, and as a result, their sales dropped by more than 30%. The owners had to come up with creative marketing strategies to attract customers back, but it was not an easy task.

Challenges for Small Businesses

Small businesses in Northeast Minneapolis were particularly hard hit by the construction. They lack the financial resources and marketing capabilities of larger corporations and were unable to weather the storm as easily. Many of these businesses had to cut back on their operations, reduce their staff, or even take on additional loans to stay afloat.

One such business is a clothing store that had to close its doors for a few weeks during the construction. During this time, they lost a significant amount of inventory and had to bear the cost of repairing the damage. When they reopened, they found that their customer base had shrunk, and it took them several months to regain their footing.

Long-Term Effects on the Community

The long-term effects of the construction on the Northeast Minneapolis community are also a cause for concern. The lack of customers has led to a decline in the vibrancy of the area, and many residents are worried about the future of their local businesses. There is a fear that if the situation does not improve, more businesses will close down, and the community will lose its unique character.

However, there are also some signs of hope. Some business owners are coming together to form alliances and promote the area collectively. They are organizing events and marketing campaigns to attract more customers and bring back the life to the neighborhood. With their combined efforts, there is a possibility that Northeast Minneapolis can bounce back from this setback.

Discover the most significant events and happenings from the 5 p.m. newscast on that particular Sunday. Stay informed with the latest updates.

Uncover the Pulse of the Day's News

Weather Update

The weather on Sunday, December 8, was a mix of sunny spells and occasional clouds. Temperatures ranged from a pleasant high of [specific temperature] in the afternoon to a cooler [lower temperature] in the evening. This weather pattern is expected to continue throughout the week, with a slight chance of light rain on [specific day].

Residents are advised to carry an umbrella or a light jacket when venturing outdoors, especially in the evenings. The sunny periods provide a great opportunity for outdoor activities, but it's important to stay hydrated and protect oneself from the sun's rays.

Local Events

The local community came alive with a variety of events on Sunday. The annual [event name] took place in the town center, attracting thousands of visitors. The event featured live music, food stalls, and various entertainment activities for all ages.

In addition, there were several art exhibitions and workshops held in different parts of the city. These provided a platform for local artists to showcase their work and engage with the community. It was a great day for art lovers and those looking to explore the local cultural scene.

National News

On the national front, there were significant developments in [specific area]. The government announced [policy or decision] that is expected to have a major impact on [relevant sector or community]. This move has sparked discussions and debates among experts and the general public.

Meanwhile, there were also reports of [issue or event] in other parts of the country. These incidents have raised concerns about [related aspect] and have led to calls for action from various stakeholders. The situation is being closely monitored by the authorities.

International Affairs

Internationally, there were several key events that made headlines. In [country name], there was a major political development that could potentially change the course of the nation. The international community is closely watching the situation and waiting to see how it unfolds.

Also, there were tensions between [countries or regions] over [specific issue]. Diplomatic efforts are underway to resolve the situation and prevent further escalation. The impact of these tensions on global markets and relations is a topic of much discussion.

Last year, a significant column was written about the repeal of the federal estate tax exemption and the necessary estate and succession planning steps. Since the election, experts have indicated that the estate tax exemption is unlikely to be cut. As a refresher, an individual can currently shield $13,610,000 from the federal estate tax, and a married couple can shield $27,220,000. Pre-election fears were that the current law would sunset in 2026, reducing the shielded amount. Now, the most likely scenario is that the law will be renewed for years, and the exemption will continue to increase. The Repeal Boogeyman has seemingly vanished.

Protecting Farm Operations in a Changing Tax Landscape

Long-Term Healthcare

This expense can have a devastating impact on a farm operation. Many farmers can recall a farm in their community that had to be sold to cover nursing home costs. Medicaid estate recovery often plays a role when a person applies for Medicaid and must spend down their cash assets. Once Medicaid pays for long-term care, it can file a lien against the estate, forcing the sale of assets like land. Surprisingly, many people are unaware of Medicaid's ability to do this. In Indiana, a mandatory report is made for estates of individuals over 55. However, proper planning can make a difference. For instance, holding land in an LLC can limit Medicaid's reach. If the deceased owned less than 50% of the LLC, their shares may have little market value. Many LLC operating agreements also have strict transfer rules. In Indiana, Medicaid Estate Recovery has rarely sought to enforce a lien against an LLC. In most states, an LLC combined with a revocable trust provides a strong defense against Medicaid liens. Studies show that a significant portion of people will need long-term care, but only a small percentage have insurance. The average cost of a nursing home is $10,000 per month, making it crucial for farmers to plan.

Lawsuits and Penalties

Lawsuits and environmental penalties can sink a farm faster than the federal estate tax. For example, a semi-truck accident can lead to a multimillion-dollar lawsuit, and a large fertilizer spill can result in fines and cleanup costs. If a farmer causes harm to a lake and its recreational activities, they may face additional lawsuits. Insurance may not be enough to protect against such liabilities.

Legal Entities

Farmers need to ensure their farms are structured properly to withstand legal challenges. Utilizing legal entities can help a farm operation survive lawsuits. However, it's essential to take steps to prevent a plaintiff's lawyer from "piercing the veil" of the companies. In most states, not maintaining proper company records can open the door to personal liability. Regularly updating minute books and following proper procedures is crucial. Sadly, many people neglect these aspects, leading to a false sense of security.

Wills and Trusts

With the increased value of farm estates, heirs are more likely to contest wills and trusts. Even with a well-thought-out estate plan, one disgruntled heir can cause expensive litigation. Some states allow for "pre-mortem validation," where heirs can contest a will or trust while the person is alive. Having a no-contest clause in a will or trust can discourage such actions. It's important to address these issues to protect the farm estate.Now that the federal estate tax exemption is likely to remain, farmers should focus on the factors that can harm their operations during the slower winter months. These articles provide general information and should not be considered legal advice. Laws vary by state, and specific situations may require professional legal guidance.John J. Schwarz, II, a lifelong farmer and 18-year agricultural law attorney, and Natalie Boocher, an elder law attorney, contributed to this article. They can be reached at 1-844-FARMLAW and www.thefarmlawyer.com. Go to www.farmlegacy.blogspot.com for past articles.