2004 Section 108 Project Summaries - Michigan

Garfield II
BORROWER: DETROIT
STATE: MI
COMMITMENT AMOUNT: $17,000,000
Detroit will use $7.6 million of the Section 108 guaranteed loan to finance site acquisition and the construction of 355 spaces of structured parking in Detroit's Cultural District. The city will use the remaining balance of the Section 108 funding to make three separate loans to entities located in the area: 1) the G.R. Namdi Art Gallery to assist in financing the development of restaurant, a bookstore, and a coffee shop; 2) the Arts League of Michigan to assist in financing the development of a 272-seat theater, a visual arts studio for up to 50 artists, and a dance studio for 120 dancers; and 3) the Garfield Development Group, LLC to assist in financing the rehabilitation of 58 units of housing. All of these Section 108 funded activities will assist the city in eliminating blight conditions in this area as well as providing goods and services to the area's residents, of which more that 51 percent are low- and moderate-income persons.

Mexicantown Welcome Center Project
BORROWER: DETROIT
STATE: MI
COMMITMENT AMOUNT: $7,789,000
Detroit will use the Section 108 guaranteed loan, in conjunction with a $250,000 Economic Development Initiative grant, to make a loan to Mexicantown Community Development Corporation, the non-profit developer, to assist in financing a new international Welcome Center complex. This complex consists of a Mercado building, and a retail/office building that will encircle a new plaza at the entrance of the Ambassador Bridge exiting from Canada. This project, in Detroit's Hispanic community, is estimated to create 84 small businesses and 247 new jobs, at least 51 percent of which will be available to or held by low and moderate income persons.