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Revolving loan fund awakens after years; Elks Building to use multiple programs, sidewalks cited as concern
Summary
Officials reported multiple downtown projects are now seeking revolving loan and grant funds after nearly three years of inactivity, including the Elks Building which is using three fund lines; downtown sidewalk gaps on North and Fifth streets were raised.
Officials reported that the city’s revolving loan fund — unused for almost three years — has returned to active use, with four to five downtown projects now pursuing funding and the Elks Building applying for multiple programs.
The update matters because the revolving loan fund is intended to support downtown redevelopment projects; several speakers said applications have arrived now that properties are being purchased and developers are ready to invest.
A meeting participant said the Elks Building is using three fund lines listed in the packet: $150,000 from the key building program, $150,000 for exterior façade work, and $5,000 for sidewalk work. The participant said the building’s total private investment is about $3,500,000 and that the city’s contribution would be roughly $307,000 (as discussed in the meeting). The participant said the city's revolving fund application has been submitted to City Council for approval and will return to this body after council action.
The speaker noted the revolving fund had shown a negative balance on the summary because several commitments are pending council approval. The participant said multiple projects that had sat vacant for 10 or more years are now moving forward and that the city has had four or five projects ready to use the fund.
Separately, another participant identified downtown pedestrian patterns and sidewalk condition as a concern, saying pedestrian traffic now flows on North Street and Fifth Street where sidewalks are “our worst” and some sections are missing. The participant said she and a colleague drafted an approach and were coordinating with a colleague named Bill to address the missing sections.
No formal motions or votes on funding were recorded in the transcript; the update described process steps (City Council approval required) and pending financial commitments. The transcript does not record exact final contribution amounts, final approvals, or implementation schedules beyond the statements above.
