This week developers In Kalispell learned they’re not getting a source of funding they were hoping would partially finance a major downtown redevelopment project.
The $30 million Core Area Revitalization Plan was put in motion in late 2012. The plan involves removing the railroad tracks dividing downtown, paving new sidewalks, connecting streets and creating a park path running through the city.
A $10 million U.S. Department of Transportation grant announced in October secured part of the funding. A business moving to the new rail park will be supplying another $6 million. An additional $6 million is needed to move existing rail business services to what will be called the Glacier Rail Park in eastern Kalispell.
Economic Development Authority’s Kim Morisaki says the original idea for that funding didn’t happen.
“Unfortunately we just found out yesterday morning, that new market tax credit funding is not going to be available for this particular project.”
Instead, Morisaki says the Economic Development Authority is looking into industrial development bonds and a loan from the federal rail administration.
Those details will have to be ironed out before the development, which is scheduled for this spring, can begin.
