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KCEDC pitches 'Project Homestead'; Algoma approves $5,000 CDC grant
Summary
Ben Nelson of the Kewaunee County Economic Development Corporation outlined Project Homestead, a county-led workforce-housing initiative; Algoma approved a $5,000 CDC grant contribution to KCEDC after committee discussion about available funds, passing the motion 5–3.
Ben Nelson, executive director of the Kewaunee County Economic Development Corporation (KCEDC), presented "Project Homestead" to Algoma officials on Nov. 19, describing a multi-community effort to produce workforce and entry-level housing and to keep development revenues in the county.
Nelson told the committee KCEDC has secured grants and a consultant to perform a market analysis, site selection and financial feasibility work, with the consultant’s report expected around mid-next year. Using hypothetical modeling, he said a scenario that added 50 single-family entry-level homes could generate about $19 million in new construction value, create roughly 134 construction jobs during the build phase and inject several million dollars in wages into the local economy; Nelson characterized these figures as illustrative pending consultant results.
Committee members asked where seed funding would come from; Nelson described models used elsewhere (private seed funds, captures of development proceeds, and restrictive covenants to preserve workforce ownership) and noted KCEDC’s efforts to leverage state and federal programs. He said Kewaunee County remains KCEDC’s largest investor and that some of KCEDC’s current funding derives from a county economic-development fund seeded by settlement proceeds tied to the closing of a local nuclear plant.
Algoma’s CDC grant application requested the city’s usual $5,000 contribution to KCEDC. Committee members discussed whether the CDC grant line had available funds (staff noted a $1,250 overspend in the committee’s grant awards line and recommended checking offsetting revenues). After discussion and a roll-call vote, the committee approved the $5,000 contribution by a 5–3 vote.
Ben Nelson said KCEDC will continue the consultant work and return with more-detailed recommendations on site selection, housing types and funding strategies.
Votes at a glance - Approve $5,000 CDC grant to KCEDC: Motion by Scott, second by Casey — approved by roll call, 5–3.
