ugg boots black 5 million to Heritage Tower project
The$34million restoration project is movingsteadily forward, and the W. K. Kellogg Foundation is loaning $5 million to the developers to help with that progress.
“Heritage Tower is obviously a key part of the revitalization to our downtown,” said Joel Wittenberg, vice president and chief investment officer with the foundation.
“It’s going to bring in new residents, new people, more traffic,” he said.”That’s really part of the BC Vision work. BC Vision work is community wide, and being the center point of downtown, it’s really important that we get this building operating again and functioning well. It’s part of a much bigger picture.”
Because the foundation is a nonprofit, and because there are certainstructures that need to be in place when dealing with for profit entities and organizations, it’susing the City of Battle Creek as an intermediary for the loan.
“As a nonprofit, there’s certain ways we can facilitate our work,” Wittenberg said. “In order to facilitate this as a nonprofit, we had to develop this structure. It’s done by nonprofits around the country.”Road closure in downtown Battle Creek this week
Next phase of $34 million Heritage Tower redevelopment is underway
The history of Heritage Tower, displayed on its windows
The loan will be made from the foundation to the City of Battle Creek. Amirrored version of the loan will be made from the city to Heritage Tower BC LLC.
Mark Harmsen, the registered agent for Heritage Tower BC andone of the lead developers on the project, did not respond to messages left Wednesdayseeking comment.
“We’ve been aware for quite awhile that the foundation was interested in investing in the project,” said Assistant City Manager Ted Dearing. “They approached us about serving as intermediary for the role I’d say three months ago, and it was only in the last month we really began to work on the details.”
The foundation and city officials saythe loan agreement will not leave the city liable for large sums of money if something goes wrong. The city is “only obligated to pay back the funds (they) receive from the developer,” Dearing said.
Nocityfunds will be involved in theloan agreement.
“Obviously we’re grateful that there are a variety of stakeholders locally working to invest in the project,” Dearing said. “Given how important this building is to downtown Battle Creek, we were more than willing to step in as an intermediary.”
At the City Commission meeting on Dec.
The loan documents have already been executed, according to Dearing, and the funds will begin to transfer in the next few weeks.