McKinley has already invested approximately $4 million in the multi-phase project. The project is expected to create 25 new jobs and spur $1.2 million in private investment.
The state is providing a $250,000 community development block grant to help fund the development. The grant will help fund sewer, water and electrical service to support the mixed-use redevelopment. The city will contribute an additional $60,000 to this phase of the redevelopment.
"As Michigan's 'newest city,' we're pleased to have an opportunity to help a community-spirited developer in its efforts to expand our Downtown and save an important part of our past," says Chelsea Mayor Ann Feeney. Though Chelsea was incorporated as a village in 1862, it only officially became a city in March.
"This is a great example of what the CDBG program was designed to do," says Michigan Economic Development Corp. president and chief executive officer Don Jakeway. "We appreciate McKinley's continued commitment to Downtown Chelsea and the jobs this project will create for the city."
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.
