CDBG-R | Grant | StimulusWatch.org

CITY OF ROCHESTER

Grant: $2,585,159 - Department of Housing and Urban Development - Aug. 10, 2009

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Award Description: 2 projects funded from CDBG-R funding through EDD Financial Assistance Loan & Grant Program. 1. CGI Communications,Inc./COL Channel, Inc. $2,100,000 ($980,000 loan to CGI Communications, Inc. and $1,120,000 loan to COL Channel, Inc. Consists of purchase of floors 5, 6, 7 and 12 of Granite Bldg.by CGI Communications for a purchase price of $245,000/floor. CGI will renovate floors 7 & 12 and a portion of floor 1 (which it already owns) to be leased to COL Channel, Inc. for the new company's operations. Renovations include creation of studio, master control room, sound booth and office/meeting room, creation of office space/cubicles, and creation of two studios, master control room, sound booth and office/meeting room. CGI will also spend approximately $50,000 on initial advertising and rollout of the new company. The Main Street Assistance Program loan (funded with CDBG-R) with Job Growth Credit will fund the real estate purchase price of $980,000. The remainder of the CGI project costs will be funded with cash equity. COL Channel, Inc.--Consists of the start up of a new production company, including the purchase of studio and travel equipment, office FF&E, and start-up working capital. Project costs are funded with Main Street Assistance Program Loan (funded with CDBG-R) with Job Growth Credit.CGI expects to hire an additional 50 employees in 2009. COL Channel expects to create 60 new jobs in 2009. 2. John T. Nothnagle, Inc. d/b/a Nothnagle Realtors. CDBG-R funds totaling $485,159 will fund a portion of a $1,645,000 grant-to-loan to the company. Consists of purchase & renovation of +/- 25,000 square foot bldg. located at 217 West Main Street, and purchase of an adjacent parking lot located at 179-191 West Main St. The building will be renovated to house the corporate offices of Nothnagle Realtors which is currently located in Brighton. Purchase price of the building is $760,000 and the purchase price of the parking lot is $900,000. Renovation costs are estimated at $2,200,000, which includes both building improvements and parking lot improvements. Environmental clean-up of the parking lot property is estimated at a maximum cost of $280,000 & professional fees and other soft costs are estimated at $385,000. Main Street Assistance Program grant-to-loan funds will be utilized to fund the majority of the real estate purchase price of $1,660,000. Project benefits: Nothnagle Realtors agency will be relocating a total of approx. 55 existing employees to 217 West Main St. It is projected that Nothnagle and related companies and any additional tenants obtained for the building will together create 37 new jobs at the location. The project will result in the renovation and use of a vacant, dilapidated building which is located at a major gateway into the Center City District. The project will bring a large number of new jobs into Center City and will also result in an increase in the assessed value of the property, thus generating additional tax revenue for the City.

Project Description: COL Channel began operations and began hiring. CGI purchased four floors in the building and created 22 jobs.

Jobs Summary: 3 jobs for Research; 9 Associates-lead generators/sales; 13 Production staff--videography, etc.; 1 Supervisor/manager (Total jobs reported: 26)

Project Status: Less Than 50% Completed

This award's data was last updated on Aug. 10, 2009. Help expand these official descriptions using the wiki below.