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OMMUNITY <br /> N�ESTMENT � <br /> ORP�RATION OF �' <br /> � ECATUR, INC. <br /> September 4, 1996 <br /> Mayor Terry Howley <br /> Acting City Manager, William Sands <br /> City Council <br /> Re: EDI Grant Application <br /> Dear Mayor: <br /> The Department of Housing and Urban Development (HUD) recently published <br /> a nodce that $ 50 million was available nationally through Economic Development <br /> Initiatives (EDI), for homeownership and economic development projects. �, <br /> The Community Investment Corporation of Decatur, Inc. (CICD) has been <br /> working with the Decatur Mental Health Center and a private developer on two <br /> downtown projects. The Decatur Mental Health Center project is an approximately <br /> $ 5.8 million project consisting of the acquisition and renovation of the Quigles <br /> Building as well as providing downtown parking. CICD and a private developer are <br /> exploring the feasibility of acquiring and renovadng a building which will result in <br /> commercial and residential in our downtown. The total project cost is not yet <br /> available. <br /> CICD through the City of Decatur would like to submit a $ 1,000,000 EDI <br /> grant application to assist the two projects. The EDI grants are awarded on a <br /> competitive basis to cities that have Section 108 funds. As you recall, CICD assisted <br /> the City in successfully applying for a $ 8.5 million Section 1081oan in which $ 2.5 <br /> million was reserved for the Water Street project. The developer will not utilize the <br /> Section 108 funds, therefore we would like to utilize the funds to asist the two new <br /> projects. <br /> With your approval, CICD will continue to work with the developers and <br /> submit a package to the Acting City Manager for approval and signature prior to <br /> submittal. The applicadon deadline is September 17, 1996. <br /> 2121 South Imboden Ct, • DECATUR, ILUNOIS 62521 (217) 423-0352 <br />