The company received 23 proposals for funding requesting more than $60 million. Eighty-eight core communities and those municipalities awarded a SmartZone designation are eligible to apply for Core Communities Funds. Following an extensive evaluation by the MEDC, these five projects were chosen for funding:
* City of Albion ($250,000). This award will help fund the city's Downtownredevelopment. This project will result in the redevelopment of two buildings transforming them into mixed-use developments. The funds will be used forthe acquisition of buildings, demolition and construction of a public parking lot.
* City of Flint ($904,000) The city will use most of the award to help fund an $88-million Downtown redevelopment project, spearheaded by the Uptown Reinvestment Corp. The project includes acquiring and renovating several inactive downtown buildings and turning those properties into mixed-use developments. The funds also will be used to relocate key infrastructure at the former Buick City site for United Press FabricatorsGroup development project.
* City of Grand Haven ($250,000). Since the early 1960s, the city has aggressively pursued redevelopment opportunities along the waterfront. This award will be used for the final waterfront redevelopment opportunity west of US-31.
* City of Monroe ($150,000) The city will use the award to help fund the realignment of East Front and East First Streets. The realignment will provide a safer intersection of the two streets as well as provide better access to current industrial sites. The funds will be used to construct the new intersection.
* City of Ypsilanti ($250,000). The city will embark on a major redevelopment project along the Huron River. The Water Street Redevelopment Project will result in a 35-acre mixed-use development.
Established through a $50-million appropriation from the state legislature, the fund's goals include promoting private investment and job creation, encouraging mixed-used development in central cities, redeveloping or reusing obsolete buildings or non-marketable sites, effectively competing for interstate and international projects, developing certified business or technology parks and enhancing the quality of life and strengthening the economic base while reducing urban sprawl.
Core Communities Funding is available for projects in economic development, community product development and certified technology parks.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
