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Tuesday, January 29, 2013

Montezuma Community Development
Needs Your Help

As a public-private partnership, we rely on funding from both the city, and private support from local businesses and individuals.  We are at a crossroads as we continue funding the organization's work, pay staff, and plan to make investments back into our community.  MCD has an urgent need to raise $15,000 to offset the final 6-months of this year's operating budget.  This is above and beyond the commitments already made by the City of Montezuma and those who have already contributed. 
Since April, we have raised over $45,000 to support community beautification and downtown development projects.  Over 85% of those funds have already been invested back into the community, with plans for continued investment in Montezuma underway.  Your help is needed!
We thank those of you who have already been generous and we ask for your continued support.  If you have not made a contribution to Montezuma Community Development, we invite you to do so as soon as possible.  We are a 501(c)(3) charitable organization. 

Suggested Giving Levels
Individual Level - $150
Bronze Partner - $250
Silver Partner - $500
Gold Partner - $1000
Platinum Partner - $5000

Please make your check payable to Montezuma Community Development Corporation, c/o Montezuma State Bank, PO Box 128, Montezuma, IA 50171.  Thank you for your consideration and kind support.  Help us keep Montezuma moving! 

Tuesday, January 8, 2013

City Pledges $393,000 to Downtown Project

The City of Montezuma has pledged a total of $393,000 to the downtown facade project.  In regular session on Monday evening, Deb Calderwood  of Poweshiek Development and Terence Blain of Montezuma Community Development presented updated cost estimates the the City council as the project has continued to evolve and the level of local support has increased.
The City had already committed $63,000 towards the project in December, however the council wanted to find other solutions to assist building owners and the community in achieving the needed transformation for Montezuma's downtown.  Letters of support and financial match for individual projects are still coming in, but the initial cost estimates are nearing $1.3M.  Should Montezuma receive the CDBG funding for the facade work, the City agreed to contribute an additional $330,000 through a bond. 
Last Friday an anonymous donor offered a $25,000 challenge grant to encourage continued private investment for the downtown project.  Funding is still needed to use as local match for the grant application that is due February 1. The higher the local match through both public and private sources, the better the application will score and the more likely Montezuma's project will be funded.  Individual projects may also be reduced by 15% to maximize the available funding.

Funding Spreadsheet Up-to-Now:

CDBG Funding Source    $500,000 (maximum award)
Building Contribution      $130,000 (minimum match)
City Contribution             $363,000 (all funding combined)
Challenge Grant               $25,000 (private funding source)

Total Possible Funding:  $1,018,000

Private funding against the $25,000 challenge grant can be made through the Montezuma Community Development Downtown Revitalization Fund.  MCD is a 501(c)(3) charitable organization.  Contact our office for details at 641-623-7600, or send a check or letter of support to us at PO Box 314, Montezuma, Iowa 50171. 
This blog is read throughout the United States and other countries, including the United Kingdom, Germany and the Ukraine.  Anyone out there want to meet the $25,000 challenge?  As always, we appreciate all financial support for Montezuma Community Development's operating budget and special projects. 

Thank you to the City of Montezuma for your increased participation!

Thursday, January 3, 2013

Apple Basket Purchased for
Community Development Project

Montezuma Community Development has purchased the former Apple Basket building on the east side of Montezuma's historic town sqaure.  The purchase was made possible through the generous financial support and private contributions made through the MCD Downtown Revitalization Fund. 

The property has been empty since The View, a coffee shop, occupied a portion of the space a few years ago.  Immediate plans for the building include a proposal to divide and lease the space for mixed-use.  Several new businesses have already begun to inquire about leasing opportunities, however, much work will need to be completed before full occupancy is expected. 
With ownership now in the hands of a non-profit, there are many other possibilities for funding the development project.  MCD has already applied for a grant to cover some of the initial costs for rehabilitation, and has met with two agencies to talk about other grants that may be available.  State and federal tax credits may also apply provided any future plans for historic preservation are undertaken.  Cost estimates and preliminary renderings have also been completed for participation in the proposed downtown facade project.  Up to $30,000 in private contributions are needed to provide match to participate in the facade project.
Any member of the community that would like to participate financially in rehabilitating the building may do so through the Montezuma Community Development Downtown Revitalization Fund. MCD is a 501(c)(3) with tax advantages available to those who contribute to the project.  
All parties interested in leasing space should be prepared with a strong business plan that includes financial statements and cash flow projections.  Free resources are available for business planning.  Traditional financing and revolving loan funds may also be sources of capital for start-up and expansion.  For more information or to inquire about leasing, please contact the Montezuma Community Development office at 641-623-7600.