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CRA staff present proposed Commercial Development Loan Program; board raises benchmarks and equity questions
Summary
CRA staff proposed a consolidated Commercial Development Loan Program to prioritize commercial and mixed-use development, expand adaptive-reuse incentives citywide, cap loans at $2 million, and link interest-rate reductions to livability benchmarks.
CRA staff presented an informational update Jan. 21 on a proposed Commercial Development Loan Program, or CDLP, intended to consolidate and replace the agency's existing commercial loan policy and the Granary District adaptive-reuse incentive.
Christina Harold, project manager, said the CDLP would focus on commercial and mixed-use developments that align with CRA mission priorities. Key proposed features include a $2 million maximum loan per project; requirement that projects break ground within 12–15 months; a minimum of two qualifying “livability benchmarks”; expansion of adaptive reuse incentives citywide (currently limited to the Granary District); and administrative interest-rate reductions tied to benchmarks with a 3% floor. Staff said eligible project costs could include construction hard…
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