MEDC Approves $1 Million Grant for Dilworth Hotel Renovation
Posted on Dec 22nd, 2015
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Officials at the Michigan Economic Development Corporation and the Michigan Strategic Fund Board have unanimously approved a $1Million community development block grant for job creation and blight elimination for the Dilworth Hotel in Boyne City. Officials from Boyne City joined Dilworth owner Bob Grove to offer support of the project to the MSF board. The community development block grants (CDBG) were created to help encourage private development in underutilized and vacant buildings. Redevelopment projects like the Dilworth Hotel have extraordinary costs above and beyond normal development costs such as environmental remediation of lead and asbestos, selective demolition and façade stabilization, as well as major upgrades for barrier free access and fire suppression systems compliance. Without support from funding options like CDBG, Brownfield and Local Reimbursement programs, investments in historic renovation projects would not be possible. "The need for public and private partnership is key to community development. Financial support from the state and local level is critical to make this investment financially feasible," said Michael Cain, City Manager of Boyne City. To read the entire PetoskeyNews.com article: Click Here
