COLDWATER, MI (WTVB) – The Michigan Economic Development Corporation has awarded a $75,000 Facade Restoration Initiative grant to the Coldwater Main Street Program, also known as the City of Coldwater’s Downtown Development Authority.
The Façade Restoration Initiative is a community development grant intended to strengthen and expand the positive impact of local façade improvement programs in downtowns and commercial corridors around the state.
FRI funds which are re-granted by Coldwater Main Street to individual façade project grantees can be used for up to 50 percent of each individual project cost with the other 50 percent being some combination of private and local match funding.
The Coldwater Main Street Program will provide up to $37,500 of match funding for projects that are selected.
Audrey Tappenden from Coldwater Main Street and the Branch County Economic Growth Alliance says, “Receiving FRI funding will allow building owners to access a larger pool of support for preserving and improving their historic buildings. Coldwater Main Street has an excellent track record of helping incentivize downtown projects and private investment thanks to the work of the Building Improvement Program Review Committee and the Board of Directors. We’re excited to continue this work with added resources from the MEDC.
A press release from the City of Coldwater stated that the success of the existing Building Improvement Program, as well as the demonstrated pipeline of potential projects, were factors that helped secure FRI grant funds for the community.
The Building Improvement Program was reinstated in 2019. Since that time, the Coldwater Main Street Program has awarded $93,000 towards projects tied to over $3 million in private investment.
In addition to cash rebates, the program includes access to a low interest loan pool provided by Century Bank and Trust and Southern Michigan Bank & Trust.
Members of the Building Improvement Program Review Committee have started to develop plans for implementing program grant funds and will formalize program details later this fall, subject to approval of the Coldwater Main Street Program’s Board of Directors.
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