The Michigan Strategic Fund approved funding for a number of community revitalization projects in northern Michigan.
The city of Gaylord has been awarded $140,180 in Community Development Block Grant funds for a façade project in the heart of downtown Gaylord.
The Gaylord downtown improvement project will enhance the appearance of two contributing buildings that will include renovating the existing facades to accommodate the historic character of the original spaces and will follow Gaylord’s unique alpine theme. Once completed, the project will include façade improvements such as brick cleaning, tuckpointing, the addition of stucco, stucco gables and covered entries in support of the alpine theme. The project will improve the vibrancy of downtown, enhancing the buildings making them visually appealing and economically attractive to existing and new businesses as well as visitors to the area. The project is expected to result in a total private investment of $121,500. Local funding has been set aside in the amount of $4,000 from the city of Gaylord in support of the project.
Houghton Holdings, LLC is redeveloping a vacant, three-story, historic bank building into a 17-room boutique hotel in downtown Houghton. The Vault Hotel project will activate a long-time underutilized, 14,564-square-foot, iconic space. Restoration of the building is at a high priority for the city and will directly reflect the community’s vision of cultivating downtown as the center for retail and dining, as well as historic rehabilitation of a building listed on the National Register of Historic Places. Once completed, the project is expected to result in a total capital investment of $3.4 million along with the creation of eight full-time equivalent jobs, resulting in a $646,713 Michigan Community Revitalization Program performance-based grant.
Local support for the project includes the city of Houghton deeding the company three additional covered parking spaces, valued at approximately $30,000, in addition to making adjacent parking structure and public infrastructure improvements valued at $141,000. The city of Houghton is engaged with the MEDC’s Redevelopment Ready Communities program.
Four 75 LLC is redeveloping a functionally obsolete building in downtown Marquette into a vibrant, mixed-use building. The vacant building is located on 0.05 acres and will include a pastry shop on the lower and street levels, and two residential apartments on the second floor. The project is expected to result in a total capital investment of $2.78 million along with the creation of approximately 15 full-time equivalent jobs. The City of Marquette Brownfield Redevelopment Authority received MSF approval of a Brownfield Act 381 Work Plan including local and school tax capture for MSF eligible activities in the amount of $271,608.
Local support for the project includes the local portion of the Brownfield Tax Increment Financing estimated at $145,310. The city of Marquette is engaged with the MEDC’s Redevelopment Ready Communities program.
The city of Escanaba has received $461,545 in Community Development Block Grant funds for improvements needed for the downtown improvement project in Escanaba. The project will include the exterior rehabilitation of four historically significant, multi-story buildings located on Ludington Street. When completed, the buildings will have mixed-use components and will have high-impact aesthetic improvements that will lead to additional business and pedestrian traffic. The private leverage contribution equals $536,390. The city of Escanaba is sharing predevelopment costs and third-party construction cost estimates with each building owner for their application, totaling $21,600.
