FLINT, Michigan — The Michigan Strategic Fund board approved a $200,000 Michigan Community Revitalization performance grant to support restoration of the former Perry Drugs building in the 600 block of South Saginaw Street.
The building at the corner of Second and Saginaw streets is directly across from the revitalized Dryden Building and the structure, now under construction, that will house the Mott Culinary Institute Applewood Cafe.
The building with the curved marquee is being restored into six high-profile spaces for retail businesses in downtown Flint. ELGA Credit Union already has announce plans to open an office there. The $1.4 million development is being done by Uptown Reinvestment Corp.
The project is expected to create 15 full-time equivalent jobs.
It is being supported by a 12-year tax abatement from the city of Flint, valued at $50,000.
“This is continued evidence that the city of Flint is rebounding and this investment assists our small businesses and entrepreneurs with access to space in the growing downtown retail environment,” said Flint Mayor Dr. Karen W. Weaver.
The Michigan Strategic Fund last month gave support to the YWCA development which will create 92 lofts and four retail spaces and in June provided additional support to the Coolidge Elementary School renovation, which will create 54 apartments and retail space.
“These successful developments throughout Flint are built on collaboration and give many reasons to feel like the team approach to economic development will pay more dividends in the years ahead,” said Jeff Mason, CEO of the Michigan Economic Development Corporation, which administers the Michigan Strategic Fund.