Beloit 200 steps in to help the city fund a riverwalk project set to connect Beloit College’s Powerhouse and Riverside Park with downtown Beloit.
The business organization is committing $200,000 toward the city’s gap in funding, with $100,000 up front and another $100,000 of last-in funding if the city can secure the rest of the money needed.
City Manager Lori Curtis-Luther said the $3.6 million project had to be re-bid for a third time in January, and the city found itself roughly $800,000 short.
The city council gave her the thumbs up to apply for a Wisconsin Economic Development Corporation grant that will require a three-to-one local match, which Beloit 200 is contributing toward.
If the city can’t secure complete funding soon, they’re at risk of losing close to $2 million in grants for the project.
Curtis-Luther stressed that the city isn’t planning on any new borrowing for the project or taking any money away from existing projects.
The riverwalk will be a city owned and operated system, separate from but partnered with Beloit College’s Powerhouse project.
