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Council committee backs $4 million forgivable TIF loan to support new low‑barrier intake shelter
Summary
The Community Investment Committee voted to recommend a $4 million forgivable loan, using tax‑increment financing, to New Day Intake Center Inc. for a new low‑barrier emergency shelter at 4022 Old Cleveland Road; the item moves to the full council with a favorable recommendation.
The Community Investment Committee voted Oct. 11 to forward Bill 58‑25 with a favorable recommendation, approving a $4 million forgivable loan to support construction of a new low‑barrier intake shelter being developed by New Day Intake Center Inc.
Caleb Bauer, executive director of the Department of Community Investment, told the committee the loan would be made under the city’s economic development commission statute and funded from tax‑increment financing (TIF) revenues apportioned across three development areas: River West, River East and Southside. "This facility itself is located in the River West development area," Bauer said, and the forgivable loan would draw a proportionate share from the three areas to total $4,000,000.
Under the approved development agreement and proposed loan terms,…
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