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Economic development budget adds $7.5 million in state demolition support, advances polymer cluster and downtown initiatives
Summary
Economic development staff outlined a $13.86 million allocation that includes a large state demolition grant, support for a polymer industry cluster, a downtown development corporation subsidy and funds for the Inner Belt master planning process.
Economic development staff presented a $13,860,000 capital allocation that includes business-enhancement grants, brownfields support, and a substantial increase in demolition funding after the city secured state grants.
Staff said $7,500,000 in state funding will accelerate residential and commercial demolition projects identified as priorities during public engagement; the administration noted the state grants require local matches, and staff cited a $3,000,000 general operating match plus $500,000 from JED. The city will work with the land bank and state to sequence projects such as Goodrich, Rankin and the Kenmore Annex; each project will return to council with detailed cost and feasibility information.
Other items include $500,000 in business enhancement grants, $480,000 funded from Reconnecting Our Communities grant dollars for an Inner Belt master plan (a federal competitive grant staff said they secured), and continuing support to launch a Downtown Development Corporation with annual funding commitments. The budget also carries a multi-year $750,000 commitment to a polymer industry cluster intended to leverage nearly $100,000,000 in combined public/private investment.
Staff said most demolition projects and larger economic-development projects will come back to council for project-level approvals and that timelines may vary as costs and feasibility are confirmed.
