Press release submitted by Rock Island Economic Growth Corporation|
Modern Woodmen Bank donated the $10,000 to celebrate 10 years of service since its opening in 2003. The bank could have donated the money to any project nationwide, but decided to invest in downtown Rock Island. "We are the only bank headquartered in downtown Rock Island and have a strong local economic impact," said Steve Ollenburg, president and CEO of Modern Woodmen Bank. "In so many ways, it's hard to believe Modern Woodmen Bank is 10 years old. It's equally exciting that the Bank's anniversary coincides with Modern Woodmen's 130th anniversary. We truly have a strong foundation for the future."
"A special part of this revitalization is that some of these buildings will be transformed into accessible, affordable units for veterans," said Kenny Massey, president and CEO of Modern Woodmen and chairman of the board of directors at Modern Woodmen Bank. "This is a large part of why Modern Woodmen Bank chose this project to receive the $10,000 in conjunction with the Bank's anniversary. We care about the downtown Rock Island community."
The $1.7 million project will include eight residential rental units and rehabilitation of approximately 1,600 square feet of commercial space facing the Great River Plaza. The project will include one and two bedroom live-work rental units ranging in size from 540 to 1,400 square feet, with the rent range from $550-$900 per month. Accessible, affordable units targeting veterans will be located on the first floor.
Brian Hollenback, president of Renaissance Rock Island commented, "Modern Woodmen Bank has been extremely generous and a great partner to GROWTH since its beginning in 2003. Today, we are happy to announce that Modern Woodmen continues to demonstrate its generosity and commitment to downtown Rock Island by donating $10,000 towards redevelopment of the Star Block. We are grateful for this continued partnership and for their donation and commitment to Rock Island."
Modern Woodmen Bank was the first to contribute funding for the Star Block project. Future funding is still to be determined. The $10,000 donation received will assist in predevelopment costs with an emphasis on two accessible, affordable units targeting veterans.
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