A portion of some $85 million in federal stimulus funding is already rebuilding a main downtown thoroughfare in one lakeshore community, and a proposed resort hotel and a powdered milk producing facility – both of which will create jobs – are vying for a share. But the money won't stop there.
According to excerpts from the story:
Both Ottawa and Muskegon counties are preparing to take applications from private businesses for project financing through federal Recovery Zone bond programs enacted under the American Recovery and Reinvestment Act. Ottawa already sees some potential projects on the horizon; Muskegon isn't so sure yet.
Ottawa County was the first in Michigan to avail itself of a Recovery Zone Economic Development Bond for government projects. The other type of ARRA bond is designated Recovery Zone Facility Bonds-Private Development, and two major on-going projects in Ottawa County are interested. The ARRA bonds offer tax advantages to lenders that, theoretically, should stimulate lenders to offer more capital at lower interest rates.
The federal stimulus package allows Ottawa County to approve up to $31 million in Recovery Zone Facility bonds and $20.5 million in Recovery Zone Economic Development bonds. Muskegon County is authorized to approve up to $20.8 million in Facility bonds and $13.8 million in Economic Development bonds.
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