Kent County and Grand Rapids economic development leaders are busy establishing "recovery zones" that will receive some $133 million in federal stimulus dollars. The money will be available to private developers at lower interest rates than conventional loans.
According to excerpts from the story:
Grand Rapids and Kent County economic development officials are gearing up to funnel more than $133 million worth of federal stimulus money into various projects over the next 18 months.
The money will come in the form of bonds that can be issued in "recovery zones" by Michigan counties and cities with populations of more than 100,000.
"It's going to be a pretty strong local stimulus program," said Rick Chapla, vice president of business development for The Right Place economic development program. Chapla is going to help county officials as they decide where to place $91.4 million worth of bonds.
The effort begins today when they take up a proposal to create a countywide "recovery zone." Grand Rapids probably will take similar steps later this month when the City Commission is asked to create a citywide "recovery zone" to place nearly $25 million worth of bonds for private projects and $16.7 million for public projects. The bonds will be attractive to private developers because they offer lower interest rates than conventional financing, bonding attorney Richard Wendt told the city Economic Development Corp.'s board Wednesday. The rules for lending to private developers also have been relaxed, Wendt said.
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