City to Submit Downtown Redevelopment Project for State Funding

by Brian Wilson
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–The Algona City Council pledged their support for a project that would renovate a downtown building in an effort help secure funding through the Iowa Economic Development Authority during their meeting this week. Back in December, the city sent out a request for proposals to select a private sector partner applicant for the IEDA’s Community Catalyst Building Remediation Program. The program is designed to provide grants to cities for the redevelopment of buildings to help spur economic growth. The city received a proposal from Luke Arrowood, who would like to renovate the building at 210 E. State Street. Arrowood addressed the council during their meeting Tuesday.

Along with the added retail space, Arrowood’s proposal would add housing units and other business opportunities to the community.

Along with the ground-floor apartment unit, the plans include a possible 10-12 units on the 2nd floor. Another aspect of the project would provide a new activity for area youth.

The city is seeking the maximum $100,000 grant from the IEDA, and have committed $100,000 in matching funds for the project. The city will now submit a pre-application for the project to state officials, who will decide if it meets the requirements for a full application. Awards will be announced in June, with stipulations that the project be completed within two years after the award is handed out.

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