WEDC awards a total of $500,000 to Monona, Middleton
MADISON, WI. JULY 25, 2018 – The Wisconsin Economic Development Corporation (WEDC) has awarded grants two Community Development Investment Grants of $250,000 each to the City of Monona and the City of Middleton.
“Community success is linked to quality services and infrastructure. One of WEDC’s top priorities is to help communities invest in revitalizing their downtowns to encourage economic growth,” said Mark R. Hogan, secretary and CEO of WEDC, the state’s lead economic development corporation. “Each of these grants will play an important role in helping to improve the community’s business district which will in turn create family-supporting jobs.”
Here are the details on the two grants:
City of Monona (Dane County)
Monona received a $250,000 grant to assist in the construction of the Yahara Commons, a new mixed-use development with residential, commercial and public space components. The grant will be used toward the first phase of development, which includes improvements on the public plaza, as well as rerouting roads and underlying utilities.
Over three phases of development, the $38 million project will include the construction of 233 apartments, 30,000 square feet of commercial space and a 92-room hotel.
City officials believe this project will be a regional economic driver as a southern destination on the Lake Loop bicycle route.
City of Middleton (Dane County)
Middleton received a $250,000 grant to assist in financing the construction of a lift-and-slide parking stall system. This project involves an electronic ramp-style parking apparatus that can lift cars to allow for five or more vehicles in the same amount of space that would normally fit three.
This $41 million project is a part of a larger three-phase development that includes the construction of 220 apartment units, 35,200 square feet of commercial space and 24,000 square feet of office space. City officials believe that the new lift-and-slide system will help address parking needs that result from the development while using land more efficiently.
Construction of Phase II is now underway and is expected to be completed in February 2019.
WEDC’s Community Development Investment Grant Program supports community development and redevelopment efforts, primarily in downtown areas. The matching grants are awarded based on the ability of applicants to demonstrate the economic impact of the proposed project, including public and private partnership development, financial need, and use of sustainable downtown development practices.
Since the program’s inception in 2013, WEDC has awarded more than $20 million in grants to 79 communities for projects expected to generate more than $280 million in capital investments statewide.