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IRA recasts GreenStar loan from job‑creation to job‑retention standard, preserving $400,000 assistance
Summary
The agency approved recasting a prior $400,000 loan to GreenStar from a job‑creation requirement to a job‑retention standard, documenting at least eight retained full‑time equivalent positions so the loan complies with CDBG public‑benefit rules.
The Ithaca Redevelopment Agency voted to recast a $400,000 loan to GreenStar from a job‑creation activity to a job‑retention activity so the loan remains compliant with Community Development Block Grant (CDBG) public‑benefit requirements.
Why it matters: CDBG loan rules require documented public benefit tied to low‑ and moderate‑income persons. Because the business opened just before the COVID‑19 pandemic and subsequently…
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