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Cheyenne council approves MOU with Cheyenne Leads to use 6p tax for downtown gap-financing program
Summary
The Cheyenne City Council on Aug. 11 adopted a resolution authorizing the city to enter into an MOU with Cheyenne Leads to create a revolving gap-finance program using $3,500,000 in voter-approved 6p sales-and-use tax funds to support difficult downtown redevelopment projects.
The Cheyenne City Council on Aug. 11 adopted a resolution authorizing the city to enter into a memorandum of understanding with Cheyenne Leads to establish a large-project gap-finance program that will use voter-approved 6p sales-and-use tax funds to help complete challenged downtown redevelopment projects.
The measure implements part of Proposition 12 (the 6p sales-and-use tax approved by voters in 2021) by creating a revolving loan fund initially capitalized at $3,500,000 to provide last-dollar financing on projects that cannot close with private funding alone. Cheyenne Leads would manage the fund under an MOU and report to the city against project benchmarks.
City staff and council members said the program is intended to revive underdeveloped downtown parcels that have resisted private investment for…
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