DDA approves fund allocations for downtown projects
THREE RIVERS — The Three Rivers Downtown Development Authority Board approved fund balance allocations for two downtown projects during its meeting on Monday.
First, the board allocated $8,750 from the fund balance to be used toward its East Alley project to create a downtown gathering and performance space. Currently, a crowdfunding campaign is underway to fund $25,000 of the project which, if met, would be matched by the Michigan Economic Development Corporation. As of 8 p.m. on Monday, $9,020 had been raised for the project.
DDA Vice-Chair Mike Hogoboom said the $8,750 represented the maximum donation amount allowed for crowdfunding, which is 35 percent of the $25,000 being raised in the campaign. The total cost of the project is estimated to be around $50,000 and be completed by next spring.
“We don’t want to miss this opportunity, and allocating the $8,750 would allow us to get a good jump-start on this project,” DDA Board Chair Andrew George said.