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Commission backs $305,000 in downtown Elks Building improvements; revolving loan fund short $200,000 until council transfer
Summary
The Logansport Redevelopment Commission approved $305,000 in reimbursements for rehabilitation of the former Elks Building at 430 North Street, funding exterior, structural and sidewalk work from the city’s revolving loan fund.
The Logansport Redevelopment Commission approved three linked resolutions on April 22 to support exterior, structural and sidewalk improvements at the former Elks Building (430 North Street), totaling $305,000 to be paid from the city’s new revolving loan fund.
Bill Cutter, staff member presenting the package, explained the requests: $150,000 for the exterior improvement program (15% match of listed eligible work), $150,000 for the key‑building (structural) program (50% match up to the stated maximum), and up to $5,000 for sidewalk matching funds. Cutter said the total requested reimbursements equaled $305,000.
Commissioners discussed project scale and vetting. Cutter said the owner plans $2.14 million in exterior improvements and $1.1 million in structural work within a larger $4.4 million rehabilitation. Commissioners asked about other city funding; Corte r responded there were no other city subsidies attached to this project and that the units will be market‑rate rentals with an on‑site manager. Staff confirmed contractor bids had been supplied (two bids for major elements) and that the commission's programs require reimbursement documentation before payment.
Commissioners also noted a procedural funding gap: Cutter said the revolving loan fund currently contains about $100,000 but the RDC budget includes a $300,000 appropriation to be moved into the revolving fund later this year through city council actions and a public hearing. Cutter said that if a disbursement request arrives before the council transfer, staff would hold the claim until funds are formally transferred into the revolving loan fund.
Motions to adopt Resolutions 2025‑340 (exterior), 2025‑341 (key‑building), and 2025‑342 (sidewalks, later amended to correct an address from 403 to 430 North Street) were each moved, seconded and passed by voice vote. The amended resolution correcting the address also passed.
Commissioners discussed implementation timing; staff said the owner estimates construction completion by December 2026 with some residential occupancy phased earlier. Cutter said reimbursements would be handled either by direct payment or by reimbursement upon submission of invoices and documentation.
The approval is intended to support rehabilitation of a long‑vacant downtown building into market‑rate apartments and to use the revolving loan fund to incentivize private investment in downtown rehabilitation.
