ORANGE, Texas, Sept. 29, 2011 (GLOBE NEWSWIRE) -- Orange Savings Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) are pleased to announce they have awarded a $20,000 Partnership Grant Program (PGP) award to the Orange County CHAMPS (CHAMPS) to assist the organization with operating and administrative expenses.
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CHAMPS, which is in the process of constructing a covered outdoor community exposition/event center and ballpark in Orange, Texas, will use the PGP funds for the organization's day-to-day administration expenses, as well as to assist with the architectural design and engineering costs for the outdoor facilities.
CHAMPS is working in conjunction with the Orange County Economic Development Corporation (Orange County EDC) to develop the facility. Once completed, the facility will be able to house outdoor concerts, rodeos, livestock expositions, and other events that promote tourism and visitors to Orange County. In addition, CHAMPS is developing ballparks for softball and little league baseball games.
Representatives from Orange Savings Bank and FHLB Dallas announced the award today at a check presentation and media event at Orange Savings Bank.
"We are grateful to Orange Savings Bank and the Federal Home Loan Bank of Dallas for their contribution to this community project, and we know the residents of Orange County will be grateful as well," said CHAMPS President Gus Harris.
Partnership grants are offered through FHLB Dallas's member institutions, such as Orange Savings Bank, to provide funding for the operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches a member's cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its member institutions, FHLB Dallas awarded $225,000 in partnership grants in 2011.
"We are pleased to partner with the Federal Home Loan Bank of Dallas for this investment in our community," said Orange Savings Bank President Stephen Lee. "This new facility will be a tremendous new asset to Orange County."
CHAMPS is seeking to raise $2.9 million in private contributions toward the new facilities, which will be built on county-owned property on FM 1442, a mile south of Interstate 10.
"This facility will increase tourism by allowing us to hold events we have not been able to facilitate in the past, and it will open up a section of the county that has never been heavily developed," said Orange County EDC Executive Director Bobby Fillyaw. "This is an opportunity for more development in this section of the county, which is a great economic stimulus in itself."
In conjunction with the covered outdoor community exposition/event center and ballpark that CHAMPS is developing, the county is building a new facility adjacent to the exposition/event center that will serve as an emergency shelter of last resort and evacuation center for first responders and special needs patients in the case of a natural disaster. That facility will also house a number of county offices that were damaged during Hurricane Ike.
"This project is fantastic. It is the continuation of a $10 million project, and one that will result in a great benefit to the county," said Orange County Judge Carl Thibodeaux. "This is what can happen when people and organizations merge to form private/public relationships – with the project being built on county land and all the fundraising coming from private sources. CHAMPS, Orange Savings Bank, and the Federal Home Loan Bank of Dallas are all to be commended for their participation in making this dream a reality."
CHAMPS is in the fundraising and design phase of the project. Construction has already begun on the adjoining county project.
About Orange County CHAMPS
CHAMPS, which is an acronym formed from the phrase, community hands assembling a multipurpose structure, is a 501(c)(3) nonprofit corporation formed by the Orange County EDC to raise funding and provide oversight and project management for the community exposition/event center.
About Orange Savings Bank
Since 1954, Orange Savings Bank has been serving the citizens and businesses of Southeast Texas, with competitive rates and a broad spectrum of banking services.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $31.4 billion as of June 30, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
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