Facade Grant Program
For the past three years, the Escanaba DDA has been aiding downtown businesses in the improvements of their building’s façade. Focus of the program lies on the historical revitalization of our downtown buildings. The DDA wants to preserve the rare and valuable history that the buildings here in Escanaba have to offer. Initially, the façade program was awarded in $10,000 or $20,000 grants (businesses on corners lots were eligible for 2 grants equaling $20,000) with a match from the building owner.
The last round of funding provided additional monetary opportunities to the DDA. The façade funding was combined with funds from MSHDA. The funds allowed for nine businesses within the 1200 & 1300 blocks to receive financial assistance with their improvements, as well as design assistance from an architect recognized in historical preservation. Because of time restraints, the completion of this program will not be until the Spring/Summer of 2009.
Additional rounds of funding will be made available in our next fiscal year (July 2009). The DDA is unsure as to whether it will partner with MSHDA again this year for funding. However, the direction of the program toward historical preservation has not changed. If you are interested in participating in the DDA’s façade program, please contact Roger Good at the DDA Office at 906-789-8696. Please note that no funds are available at this time, but funds for the upcoming fiscal year (‘09-‘10) will be addressed during our budget planning.
Funding Opportunities will be announced
Escanaba DDA Façade Program Funding Examples
Basic Façade Restoration Program
Example #1
Total Project Cost= $9,873.00
DDA Cost= $9,873.00 X 80% = $7,898.40
(This is under the $10,000 maximum)
Owner Cost= $9,873.00 - $7,898.40= $1,974.60
(to be paid at closing and escrowed with DDA funds)
Pay Back Breakdown
50% forgiven after 5 years = $3,949.20
50% deferred @ 0% interest = $3,949.20*
(If repaid between the 5th and 6th year a 10% discount on the outstanding balance ($394.92) will be given to the borrower)
Signature Building Façade Restoration Program
Signature Building ($20,000 Max)
Example #1
Total Project Cost= $36,000.00
DDA Cost= $36,000.00 X 80% = $28,800.00
($20,000.00 DDA and $8,800 would be paid by owner - $20,000.00 maximum limit)
Owner Cost= $36,000.00 - $20,000.00= $16,000.00
(($8,800 + $7,200 balance = $16,000) to be paid at closing and escrowed with DDA funds)
Pay Back Breakdown
50% forgiven after 5 years = $10,000.00
50% deferred @ 0% interest = $10,000.00*
(If repaid between the 5th and 6th year a 10% discount on the outstanding balance ($1,000.00) will be given to the borrower)
2008 Receipants
>> view pdf
2007/2008 Receipants
>> view pdf
2006/2007 Receipants
>> view pdf
|
