The Ithaca Urban Renewal Agency voted unanimously to approve a resolution to provide a loan of up to $300,000 from the HODAC fund to support adaptive reuse of 115–123 South Street, a project that will create low- and moderate-income housing units targeted at up to 80% of area median income.

The resolution was presented during the IURA’s economic development committee update. Preeti, speaking for staff, described the request as “a resolution to provide a loan of up to $300,000 from the HODAC fund for the adaptive reuse project at 115 Through 123 South Street” and said the project “is including the creation of low and moderate income, housing units up to 80% AMI.”

Board members asked about property ownership and the project budget. One board member observed that the developers “owned both of the properties already,” while another staff speaker explained that the budget submitted to state grant reviewers reflects the full project cost and “does include prior expenses associated with that position. So they look at the full project costs, at that application.”

The agency did not record a roll-call vote in the transcript; the motion carried unanimously, and the minutes show no public comment on the item. No additional conditions or amendments were recorded in the meeting transcript.

The agency packet and the state grant application were referenced as sources for the project budget; the transcript indicates the loan is meant to support the project as presented to grant reviewers. The transcript does not specify a disbursement schedule, interest rate, security interest, or other loan terms.

The IURA will incorporate the loan into its portfolio of project financing; staff did not announce further public hearings or additional approvals required at the meeting.