(Beaver Dam) The Beaver Dam Community Development Committee Wednesday received an update on their downtown grant program. In the fall of 2019, the city council approved the program that is intended to spruce up the downtown or help new businesses take root. The funding for the grants is generated through Tax Increment Finance District #6, which is a blighted district meaning revenue from within the TIF can only be used in the downtown area for efforts including revitalization.
The ledger at the beginning of 2019 had a beginning balance of $620-thousand dollars. Just over $290-thousand dollars has been committed to or spent on projects as of this month and there is another $330-thousand dollars in unspent funds. Last year alone, there were $140-thousand dollars in dollars given out. That includes new business grants to the Riverfront Wine Bar, Art On The Town, Epic Ink Tattoo, Auto Solutions and Mill House Quilts along with façade improvements at Park Plaza Pizza, the FYI Zone, Great Harvest Bakery and Stooges while Main Stage Hair Salon received both grants.
That also includes $5000 for an outdoor clock. So far this year, the city has committed to $57-thousand dollars in projects including the Beaver Dam Area Community Theatre, Bullfrogs and Butterflies, the Dusty Attic and Signs By Rob. During the grants first year, there was $94-thousand dollars awarded to Gergen Law, Wissell Realty and Nanutak Coffee. The coffee company has been slated for the largest grant to date, $80-thousand dollars. However, the money has not been spent as the relocation and expansion of Nanutak has been on hold.
Mayor Becky Glewen said that the development agreement, and a subsequent extension, allows for the project to completed by the end of this year. Glewen notes that funding is not be released until the work in complete.