All of this work has required significant fundraising. The difficulty with restoring urban brownfields is that often the cost of the work and site assembly often far exceeds the economic value of the site. We could not have undertaken this project if we relied purely on market economics to drive its feasibility.

The KGH Neighborhood Revitalization Project cost is an estimated $32 million. To date, with the help of our Senator and Congressman, the Main South CDC has successfully secured a $1 million “Neighborhood Improvement Program” grant from HUD, a $1 million federal “Brownfield Economic Development Initiative Grant”, a $200,000 EPA Brownfields Pilot grant, $975,000 of federal earmarks and a $500,000 “Economic Development Initiative” grant. We have secured a $5.8 million Section 108 loan to retire the existing debt and to fund the clean up and demolition. Our legislative delegation remains strongly committed to the project and a sizeable earmark request will be submitted in this year’s appropriation cycle. In addition, the CDC has raised over $300,000 of philanthropic funding to support site assembly for the housing development, property carrying costs and insurance, legal bills and project management expenses.

We are pleased to report that Clark University has committed $2.5 million to build its new track and field complex and that the Boys and Girl’s capital campaign to raise $7.5 million for the construction of the new club has been accomplished.

The financing is in place to undertake the next phase of the KGH plan; the construction of the new Clark athletic complex. Federal Transportation Bond money has been secured to finish site preparation work and Design of a retaining wall and bike path is underway.

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