City to get small cities block grant
Tuesday, June 11, 2013 3:04 AM
Spring Valley has received notice that it will receive a small cities block grant in the amount of $539,750 through the Small Cities Development Program.
The grant is the focal point of a downtown revitalization project currently underway. It would provide funds for building owners in the downtown area to fix up their commercial and rental housing properties.
Owners of 15 commercial properties have applied and there are also requests for 14 rental properties. Each commercial project is eligible for up to $20,000 and each rental for $12,500. The request also includes administrative funds.
A portion of the low interest loans available to property owners would be forgiven if the owner retains possession for seven years.
Application was made earlier this year and local business owners have been anxiously waiting for word on approval as it is the cornerstone of a project put together by economic development director Cathy Enerson that would provide aid in fixing up downtown buildings, both commercial and rental, using a variety of funds. However, much of the funds were contingent on receiving the small cities block grant.