The Colorado Department of Local Affairs (DOLA) has awarded the town of Eagle an $80,000 grant to support the Downtown Eagle Project Investment Program. These funds were allocated through the state's Rural Economic Development Initiative (REDI), which aims to help rural communities comprehensively diversify their local economy and create a more resilient Colorado.
The town partnered with the Eagle Downtown Development Authority (DDA) to apply for the grant. As part of the investment program, the funds will be distributed to assist with redevelopment or improvement projects within the downtown corridor, which includes most properties on Broadway Street from Grand Avenue to Fifth Street. The DDA’s Tax Increment Finance (TIF) revenue will match up to $20,000 of the grant, bringing the total available funding to $100,000 for 2024 and 2025.
“There are many historic properties in the downtown corridor and redevelopment or improvements to existing facilities are costly,” said Town of Eagle Economic Development and Housing Specialist Nikki Davis. “This grant is designed to help these properties move through the redevelopment and improvement process, contributing to downtown revitalization.”
An application process will be announced later this summer, with $50,000 available for 2024 and the remaining $50,000 for 2025. Businesses along downtown Broadway are eligible for funding.
Applying for grants, such as the REDI grant, is a strategy created in the town’s 2023 Economic Development Plan. This plan, prepared for the town and its Economic Vitality Committee, guides economic development programs, policies and resource allocation for the next five to 10 years. Part of its objective is to activate downtown with greater investment and broader programming while attracting regional retail to Eagle.
Since 2021, the town has secured a total of $1.25 million in grant funding for various projects, including:
- $54,400 Local Planning Grant to support the development of affordable housing units for low-to-moderate income residents.
- $45,000 for the Eagle Innovative Housing Strategies project which helped fund the creation of the 2023 Comprehensive Affordable Housing Assessment
- A $1.1 million award as a co-applicant with Habit for Humanity Vail Valley for the 3rd St. Housing project
For more information, contact Davis at 970-328-9654 or email nikki.davis@townofeagle.org.