Project leaders announce final cost of new Wayman Palmer YMCA
TOLEDO, Ohio (WTVG) - Tuesday, Wayman Palmer YMCA Project leaders announced the final cost of the project, $28.7 million, but the city says there are options on how to pay for it.
The original estimate was about $21 million for the whole thing. Toledo pledged $19 million in federal recovery dollars, and the YMCA was always expected to contribute $3 million.
So what’s being done to make up for the rest of the money?
Project leaders say there are two options, new market tax credits or more of those federal grant dollars called community development block grants, or CDBG dollars.
“We always knew we would need to leverage the AARPA dollars with some other funding. To the extent that we can secure new market tax credits, it frees up our CDBGdollars for alternative projects, but a Wayman Palmer Y community hub is also a classic community development project for CDBG dollars so we’re fortunate we have alternative fundings that we can go to,” said Toledo Housing and Community Development Director Rosalyn Clemens.
The groundbreaking for the new Wayman Palmer building is planned for September 12th according to project leaders.
A date for completion was not mentioned in Tuesday’s meeting.
See a spelling or grammar error in our story? Please include the title when you click here to report it.
Copyright 2023 WTVG. All rights reserved.