We thought we would share some great information about the City of Saginaw’s good work. The Economic Development Department created a redevelopment program that provides matching grants to reimburse commercial property owners or business operators for Eligible Enhancements made to their properties. It is for any commercial business in the City of Saginaw that is looking to enhance their existing site visually, or “in ways that increase the viability of the property for business use”. This story is a perfect example (the definition) of the many reinvestment benefits of the Building Improvement Grant program.
The Old Jitterbean Coffee Location: The Old Jitterbean has been a vacant and abandoned building on Saginaw Blvd. for 5+ years. Because of the lack of a grease trap, it limited what businesses could move in (i.e. eliminating a drive-thru fast food establishment). The building owner applied for a BIG Grant and was awarded $5,000 by the City Council to help pay for the installation and cost of a grease trap…thus opening the bright possibilities for the future.
Total Cost of the Project: $30,350
Grant Awarded: $5,000
Total ROI: 605%
However, the return on investment (ROI) will actually be higher because the property owner now has a tenant who just started serving drive-thru Mexican food. What once was an abandoned building at a prime spot on Saginaw Blvd, is now a property with higher property values and a revenue and sales tax producing site. Great work City of Saginaw!