$10 Million In Assistance Given For Heritage Tower Project
The Michigan Economic Development Corp. will give the Heritage Tower project $10 million in economic assistance, according to the Battle Creek Enquirer. The aid was approved at the Michigan Strategic Fund monthly board meeting Tuesday and is the last piece of funding the developers handling the redevelopment needed to finish Heritage Tower. The latest estimates puts the overall price tag for the project at $32.3 million.
The economic assistance comes in two parts from the Michigan Community Revitalization Program, an incentive program available through the Michigan Strategic Fund in cooperation with the Michigan Economic Development Corp. $1,712,123 will come as a loan, and $8,287,877 will be equity investment, for which the developers will have to pay a one-time fee of 1% of the award amount.
The renovations are expected to be completed in the spring of 2019. The building will house apartments with the first two floors for commercial use.