The Great Falls Business Improvement District decided to join NeighborWorks of Great Falls to help revitalize one of Great Falls’ iconic buildings.
NeighborWorks is currently in the process of applying for a grant with the Affordable Housing Program through the Federal Home Loan Bank.
The grant will be used to remodel the Rocky Mountain Building, which has sat vacant since a fire in 2009.
The grant is competitive so NeighborWorks asked BID if they would be willing to write a letter of intent to help buy the building.
The letter will state, if all the funding comes through, that BID will purchase the building and donate half of the building back to NeighborWorks.
NeighborWorks Executive Director Sherrie Arey said BID is a natural group to partner with for such a large project.
"With the fire that happened in 2009, and what it takes now to renovate or even to replace, is out of the realm of a lot of people’s possibilities," Arey said. "Bringing a lot of the partners together and a lot of the people who are interested in the downtown economic development really makes it intriguing for us to be a part of that."
The $15 million renovation will include new retail opportunities and apartments.
If everything goes as planned, work on the Rocky Mountain Building should start in April of 2019.
