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!
