LDC reports $3.5M lent historically, new predevelopment fund targets small developers
The Local Development Corporation told the committee it has loaned about $3.5 million over its history, with roughly $1,000,000 outstanding; the LDC said it is launching a predevelopment fund (typical awards ~$25,000) to help small developers advance site work and funding-ready planning.
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Jim Siplett delivered the LDC update and summarized lending activity and program adjustments. "It's been in existence for nearly 25 years," he said, and added that "nearly $3,500,000 has been loaned out" historically with about $1,000,000 outstanding across roughly 44 loans. He said the LDC's new predevelopment fund is aimed at small developers who need modest capital ("something like $25,000, but sometimes more, sometimes less") for surveying, site work and steps that make projects fundable.
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