Seven businesses in the city are about to receive $1,382,973.34 in federal stimulus money.
Today’s Jamestown City Council voting agenda includes seven US Bailout Bill of America Infrastructure Improvement and Infrastructure Improvement Grant applications. The program is managed by the Jamestown Local Development Corporation. Grants include:
¯ 198363.12 dollars for Dawson Metal Corporation
¯ 198363.12 Artone LLC
¯ $192,794.62 to International Order (IOT)
¯ 198363.12 National Wire and Metal Technology Inc.
¯ 198,363.12 Colecraft Commercial Furniture
¯ 198363.12 for Shawbuck
¯ 198363.12 El Greco Woodworking.
The six applications the council discusses require city council approval because of their size. Jamestown Local Development Corporation last week approved 10 of the 17 applications received for the Commercial Real Estate and Infrastructure Development Grant Program. Each company receives a maximum of just under $200,000 for the grant it has requested so that the 10 approved programs can fit within the $1.5 million approved by the board.
Each company awarded through the program must match at least 25% of the project cost and be limited to less than $200,000 in city funding. Sundquist made it clear that any application over $100,000 will be sent to the city council for final approval.
Funding is expected to be distributed from November 1.
The council’s agenda also includes budget presentations for the city clerk, office of the treasurer, resident, controller, information services and company counsel at 6:30 p.m. in the City Hall Police Training Room.