MEDC president Benji Ryburn announced at the Monticello City Council meeting Thursday night that the Ridgeway Hotel project has been approved by the Arkansas Development Finance Authority to receive $5.4 million in funding.
The city agreed several months ago to provide up to $32,000 in sidewalk and lighting improvements to the area, which will house the Ridgeway’s 32 elderly, low income residential units.
The project is expect to have much better benefits from exchange tax credits, than have been available recently.
Ryburn received an e-mail shortly before the meeting, and expects all of the details to become official in a month, when the actual letter arrives.
The Drew County Housing Authority has agreed to provide gap funding, if needed, up to $500,000.
“The Ridgeway” was added to the National Registry of Historic Places in February. Read the rest of this entry »
After the collapse of the building on the east side of the square’s south side, a temporary repair was noticed that had recently been applied to the building on the west end of that same row of building.
The tape appears to be Duct Tape, a product that is usually made of aluminum, and used in the air conditioning and refrigeration industry, and not the standard grade of “duck tape.”
