FY2025 Budget Adoption

The Board formally adopted the FY2025 budget for the Downtown Development Authority. Investment highlights include Grand River public space and access improvements, continued funding to support Downtown businesses, continued support for DGRI-produced events such as World of Winter and Return to the River, and major capital investments including Lyon Square, the Van Andel Alley and the Acrisure Amphitheater.

The $15.1 million budget includes approximately $11 million in expenditures on over 100 programs, projects and initiatives. These expenditures are focused on the implementation of the GR Forward Downtown Master Plan, broken down by the goals of the plan as follows:

• Goal 1 - Restore the River as the Draw: $1,750,000
• Goal 2 - Create a Downtown Neighborhood Home to a Diverse Population: $2,080,269
• Goal 3 - Implement a 21st Century Mobility Strategy: $1,625,000
• Goal 4 - Expand Job Opportunities & Ensure Vitality of the Local Economy: $600,000
• Goal 5 - Reinvest in Public Space, Culture & inclusive Programming: $4,930,000

The remaining expenditures are obligated to voluntary gainsharing with the City of Grand Rapids, Kent County, Grand Rapids Community College and The Rapid, as well as debt service on major infrastructure projects and administrative expenses.

A detailed breakdown of anticipated revenues and planned expenditures can be found on page 20 of this document.