The redevelopment of the iconic
Knapp's Building in Downtown Lansing took a major step forward on Monday night with City Council approval of some key financing tools.
According
to excerpts from the article:
The
Lansing City Council voted unanimously to apply for a $5.4 million loan through the federal
Housing and Urban Development Department and a $2 million federal
Brownfields Economic Development Initiative grant to help fund the project.
The project, estimated to cost $22.8 million, also received preliminary approval for a state historic tax credit worth roughly $3.3 million, according to Brian Conway, Michigan's state historic preservation officer.
Developer
Eyde Co. plans to turn the former J.W. Knapp's Department Store building at the corner of Washington Square and Washtenaw Street into a mixed-use building containing retailers, office space, a business incubator, high-end apartments and underground parking.
Read the entire article
here.
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