Jennifer Acosta, the developer for the Crapo Building renovation in Bay City, has secured $2.4 million in funds from the state of Michigan.
The funds, a combination of a grant and a loan, were approved by officials with the Michigan Economic Development Corp.’s Michigan Strategic Fund. Acosta had previously secured other means of funding in the form of tax breaks and incentives.
According to an article published by MLive, “[Acosta] secured an Obsolete Property Rehabilitation Act (ORPA) tax break that freezes the building's taxable value, which is about $226,000 today, for six years.”
"It has been a rather unexciting building for such a long time. I'm excited to fully uncover it and see it rebuilt. It's going to be a great project for downtown Bay City."
Elisabeth Knibbe, FAIA, LEED AP
Principal, Detroit, Michigan
The project, which will convert the building into ground floor commercial space and residential units on the 2nd through 5th floors, is projected to be completed by the fall of 2018. Perhaps one of the most impressive elements of the project is the removal of the existing metal façade which had been installed over the historic building during the 1960’s, hiding the building’s beautiful historic façade.
You can read the full article here.