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Council debates using $1.06 million from commercial revitalization fund for housing‑small business loan program; holds item for more detail
Summary
Councillors asked for more details on a proposed $1.06 million appropriation from a Vision 2017 commercial revitalization fund to create a housing‑small business loan program managed by TEDC. Council held the item for further information about eligibility, revolving vs. forgivable loans, and impact on retail revitalization allocations.
Councilors debated whether to use funds from a 2017 voter‑approved ‘vision’ package for a proposed housing‑small business loan program, and they postponed final action pending more detail on program design and funding sources.
Kristy Maxwell of budget staff described the history: the 2017 vision package created three small buckets of funds (Route 66/retail, citywide beautification, and commercial revitalization). During the pandemic, a portion of commercial revitalization funds was used as a revolving small‑business loan…
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