At a meeting last evening, the City Council awarded a contract to a local Monroe County company, Homrich, to demolish the former La-Z-Boy Headquarters on North Telegraph Road. Their bid came in at more than half of the original estimate, which is good news for everyone! Work will likely begin in early March.
Immediately following the demolition, new infrastructure will begin to be installed to pave the way for new development that will start rising from the ground this summer (retail, restaurants and residential) thanks to an agreement with the developer (Great Lakes Opportunity Fund, LLC).
While the City is advancing the demolition funds, along with a loan from the U.S. EPA and Downriver Community Conference, all funds will be repaid through tax revenue generated by the new development over a period of 10-20 years.
Mark Cochran, City of Monroe Administrator, stated, “This is what taking economic development by the horns looks like: New Local-ism. I appreciate the great team who is working on this project!”
Tim Lake, Monroe County BDC President & CEO, stated, “The City of Monroe and its economic development department have worked diligently to ensure the stakeholders and needs of our community were part of the planning process. The partnership and dedication of this team is evident in how this project is coming to fruition. We are confident that these changes to North Telegraph Road are only the beginning of great things to come.”