IEDA backs $157M Grinnell project, Gravitate, others
BUSINESS RECORD STAFF Sep 19, 2016 | 3:21 pm
1 min read time
244 wordsAll Latest News, Economic DevelopmentThe Iowa Economic Development Authority on Friday backed several Central Iowa projects, including a massive overhaul of downtown Grinnell, the Grinnell College campus, and the gateway between the two.
The state agreed to provide $6.85 million for the reinvestment district, subject to final agreements and additional documentation on financing.
The work has four parts:
- The old Grinnell Community Center will be converted into a 38-room boutique hotel and a 5,000-square-foot event center.
- A longtime restoration of downtown will continue, including the addition of a new performance stage, restrooms and play areas at Central Park.
- A mixed-use area between the college and downtown will be added.
- Grinnell College plans $110 million in new campus buildings and related improvements. The college is expected to help develop a new connection to the zone between downtown and the campus. The college plans a revamped classroom building for humanities and social studies, including a new addition, and also plans a new admissions center and extensive landscaping improvements.
The IEDA board also approved:
- A $125,000 grant to co-working site Gravitate for personnel and programming.
- A $25,000 loan for product refinement to Bublins LLC, a Clive-based online service that helps helps customers identify their decor style and shop curated home decor collections.
- A $100,000 market planning loan for Pablow, a Des Moines business that provides car rental insurance in Australia.
- A $25,000 loan for Structurely, a Johnston business that provides clients an artificially intelligent real estate sales lead cultivation tool.
Trending News
