The redevelopment of the iconic
in Downtown Lansing took a major step forward on Monday night with City Council approval of some key financing tools.
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.
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