Loftus receives Main Street Iowa Challenge Grant

GRUNDY CENTER – Last week, Main Street Iowa announced the selection of one local building owner, Dave Loftus, to receive a $75,000 Challenge Grant to help improve and restore the former True Value building he owns, and to renovate the upper floor apartments.
Loftus was one of just 14 applicants in the state to be awarded the grant dollars, and he is the first Challenge Grant winner from Grundy Center.
Main Street Grundy Center Board President Paul Eberline says MSGC is thrilled to have someone from the community selected for the grant dollars.
“We’re ecstatic that a local building owner has received the grant,” Eberline said. “We’re excited to be able to give our local Main Street organization a little jumpstart, and to demonstrate to the community what Main Street is about, and how beneficial it can be to our downtown district.”
The Challenge Grant Loftus received is a matching grant, meaning the state – through the Iowa Economic Development Authority – will pay for $75,000 of the improvement project, while Loftus himself will match the dollar amount, and pay for any excess costs himself.
Overall, Loftus has committed to spending $85,000 of his own money. Combined with the $75,000 Challenge Grant, the total project cost will be $160,000.
Loftus plans to use the money to white box the lower floor of the former True Value building to get it ready for a business owner to move in. This means remodeling the flooring, the walls and ceiling, doing electric work, and more in the empty storefront, and also in the other half of the building, which is currently occupied by Iowa Handmade.
With the rest of the money, Loftus will renovate four of the six apartments located in the upper story of the building. Two of the apartments he has already renovated himself.
For the full story, see this week's Grundy Register.