12-24-02

Central Hotel project gains additional funding

By CYNTHIA DEAN Inquirer Staff Writer

Main Street Galion's Manager Linda Chambers is thrilled. She has her Christmas present wrapped up in a neat brick package courtesy of the Ohio Department of Development.

The city got word today it has been awarded an Ohio Small Cities Community Development Block Grant Comprehensive Downtown Revitalization Program - Tier Three (Targets of Opportunity). The Office of Housing and Community Partnerships awarded the city

the grant in the amount of $200,000 to assist with the building stabilization of the former Central Hotel.

"I think this is fantastic," Chambers exclaimed. "This project is really going to happen. This is one of the best Christmas presents I've had in a long time!"

The letter from the state to the city indicates the OHCP is pleased to be in partnership with the community's downtown revitalization efforts through the program.

"The substantial commitment of funds for this project indicates the importance and significance of this undertaking for the city of Galion's downtown," the letter states.

The letter goes on to state the OHCP applauds the efforts of the city to preserve and revitalize the hotel which is an "important downtown landmark."

Last week the hotel project developers were notified they are to receive several loans which include a $1.4 million Compensating Balance Loan, a $1.2 million Equity Bridge Loan and a $551,000 Housing Development Assistance Program Loan.