LANSING — The Great Lakes Sports Commission has approved funding assistance for the Pine Mountain Ski Hill to promote World Cup ski jumping.

The GLSC entered a participation agreement with the First National Bank & Trust of Iron Mountain on Friday in the amount of $3 million to be awarded to the Kiwanis Ski Club of Iron Mountain, for renovations to the “Big Hill.” The work will enable the community to host FIS World Cup ski jumping competitions in 2022.

After the needed safety renovations are completed, the investment will generate a minimum of $16 million in additional economic activity for Dickinson County, the GLSC said.

The $3 million is a loan with repayment required, said KSC spokesperson Susie Fox.

“There will fundraising efforts involved in the repayment of the loan,” said Fox.

“Today’s announcement is a catalyst for further investment in northern Michigan’s sports and tourism industry,” said state Rep. Beau LaFave, R-Iron Mountain.

“We’re proud to be here today, supporting local economies in both the upper and lower peninsulas, increasing in-state spending, and showcasing that our great state is a premier destination for outdoor recreation and world class athletic championships,” LaFave said.

The KSC plans to use the funds to make upgrades to the historic venue to meet current International Ski Federation guidelines that include erecting a new slide and track, lighting, a warming hut and judges tower.

The GLSC also approved a match-grant amount of $250,000 to the Traverse City Horse Shows, LLC for the move of the American Gold from New York to Traverse City. The American Gold is the longest-running equestrian grand prix in the U.S.