Montrose, CO – The Montrose Urban Renewal Authority (MURA), in collaboration with Colorado Outdoors, LLC, has been selected to receive up to $2 million in grant funding for tenant site improvements for the Flex Buildings within the MURA development under the Colorado Community Revitalization Grant Program.
The Colorado Office of Economic Development’s Colorado Creative Industries Division (OEDIT-CCI), in collaboration with the Colorado Department of Local Affairs Division of Local Government (DOLA-DLG), is overseeing implementation of the grant program. Colorado Senate Bill 21-252 established the program, which allocates $65 million for organizations looking to revitalize buildings or start new construction.
The new OEDIT-CCI approved the grant request from MURA and Colorado Outdoors at their December 16, 2021, meeting.
Per the program description: “The Colorado Community Revitalization Grant provides gap funding for projects in creative districts, historic districts, main streets or neighborhood commercial centers. This grant will support creative projects that combine creative industry workforce housing, commercial spaces, performance space, community gathering spaces, child care centers, and retail partnerships for the purpose of economic recovery and diversification by supporting creative sector entrepreneurs, artisans, and community non-profit organizations.”
Projects may receive up to $5 million in funding, however, grant funding may not exceed 50% of the project cost. Municipalities, special districts, urban renewal authorities, and nonprofits are among the entities eligible to apply. Funds can be used broadly to meet the needs of the commercial district. The only ineligible costs identified are general operating expenses and developers’ fees.
The Montrose Urban Renewal Authority is an eligible applicant and Colorado Outdoor’s request for gap financing for the Flex Buildings meets the criteria of the grant program.
"The City of Montrose extends our gratitude to OEDIT for being selected to receive this important grant funding that will ensure that businesses focused on the creative industries are able to expand and/or locate in the Flex Buildings at Colorado Outdoors," said City Manager Bill Bell and MURA Board President. "The city is proud to collaborate with the business community and has established strong public-private partnerships that strengthen our economy and improve the quality of life for our residents."
The state prioritized projects for mixed-use spaces that include workforce housing, are shovel-ready, have a high level of community engagement in response to community needs, stimulate economic recovery and diversification, leverage other sources of funds, and meet basic energy efficiency requirements.
The Flex Buildings at Colorado Outdoors, located on the north end of the MURA development, are two equally sized 27,500-square-foot buildings that provide space for lease. The buildings were designed to be flexible in use to encourage various uses such as retail, office space, restaurants, and light manufacturing.
Due to the pandemic, the cost to complete tenant site improvements for the Flex Buildings at Colorado Outdoors has increased by over 200%, or $2.6 million.
A 1:1 grant match is required. The match will be covered by horizontal infrastructure improvements provided by MURA ($1,100,000) and Colorado Outdoors’ planned investment of $1.5 million for tenant site improvements.
This project will have a Land Use Restriction Agreement (LURA) recorded in county records to ensure that the agreed-upon number of commercial suites for creative industries will only be leased to businesses in the creative industry and will remain in place for 20 years.
“This award is a critical investment in rural Colorado and the Montrose community. We are so grateful for the support of the Colorado Creative Industries team and its council. We can't wait to get started,” said David Dragoo, president of Colorado Outdoors LLC.
For other city news visit: CityofMontrose.org.