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Council approves two economic development loans; funding sources for one loan still being finalized
Summary
Council approved a $100,000 loan for Family Cycle Works and a separate economic development loan to 3 Piece Bank Freeze Inc.; city staff said Community Development Block Grant funds will cover part of Family Cycle Works loan while the remaining $50,000 may come from a TIF district or a fire loan fund pending further coordination.
The council approved two economic development loans during the meeting: a $100,000 loan to Family Cycle Works for a project at 665 Dallas National Avenue and a separate loan to 3 Piece Bank Freeze Inc. for equipment at 5132 Osinski Avenue.
For Family Cycle Works staff said the $100,000 loan will be funded with a $50,000 Community Development Block Grant (CDBG) allocation and $50,000 from either Tax Increment Financing (TIF) District No. 7 or a fire-loan fund; staff said…
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