(Beaver Dam) Beaver Dam Mayor Becky Glewen says a restaurant is seeking grant dollars to open in the downtown. The Common Council last month approved a resolution to have the city seek the Community Development Investment Grant through Wisconsin Economic Development Corporation on behalf of a private business, but Glewen was not able to divulge any details of the business. On WBEV’s Community Comment, Glewen let the type of business slip saying that it would be a restaurant.
If the grant is approved, the state would pay up to 25-percent of the costs for a new business to move into the downtown. It is the same grant that was secured for the Ooga Brewing Company, a new business that was announced in May and should be open by years end. The Ooga Brewing company, which is expected to add a half-million dollars to the tax rolls, received $126-thousand dollars. Glewen says the maximum amount of grant funding a business can receive is 25-percent of the total project cost, capped at $250-thousand dollars in total incentives per municipality in one year. She says the new restaurant, like the brewery, would add close to a half-million dollars to the tax base.
The city recently borrowed $580-thousand dollars specifically for downtown revitalization. Glewen is quick to point out that the investment has already generated that much in private development and if the new restaurant becomes a reality, it would be nearly twice what was borrowed. The WEDC’s Community Development Investment Grant Program supports community development and redevelopment efforts, primarily in downtown areas. Since the program’s inception in 2013, WEDC has awarded more than $17 million in Community Development Investment Grants for projects expected to generate more than $233 million in capital investments statewide.
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