Economic Development Office Lands Belle Glade revitalization grant
Published June 6th, 2008
FROM STAFF REPORTS
“The Palm Beach County Economic Development Office was awarded a $1.2 million Housing and Urban Development grant on Monday, May 12 in a national competition,” said Economic Development Office Director Kevin Johns.
The funds will jumpstart the revitalization of downtown Belle Glade with a project called Avenue “A.” The $8.35 million project is a public-private partnership and is part of the 21st Century Palm Beach County Strategic Economic Plan.
Johns said the Belle Glade project is a regeneration of 37 office and retail properties on both sides of the street in a four-block commercial corridor, along the Hillsboro canal waterfront. The project also includes renovation of occupied and empty buildings, construction on empty lots, remediation to environmental problems, newly designed storefronts, renovation of the old City Hall, lighting and streetscapes.
Suzanne Harper, Executive Director of the EDGE Center and a member of the project team, said: “25 business owners created a visionary business plan to regenerate the heart of Belle Glade.”
The Economic Development Office sought and obtained federal funding from the U.S. Department of Housing and Urban Development’s Brownfields Economic Development Incentives (BEDI) for $1.2M. Another $2.6 million HUD 108 low-interest loan allocation has been approved in concept and is awaiting an award announcement.
The total federal funding for Avenue A will be $3.8 million. The sources of funding include $3.8 million from HUD, $4.17 million from private lenders, $362,500 from the Florida Department of Cultural Affairs and $20,000 from the Lake Okeechobee Regional Entity (LORE) frontage program. The total funding from the 108 program loan program and the private lender is $6.77 million, which represents the leveraged private investment for this project, Johns said.
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