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Council approves $100,000 downtown site-improvement loan program; program capped at $25,000 per applicant
Summary
Brigham City Council approved a revolving loan program to fund historic downtown site improvements, with staff recommending a $100,000 program cap and $25,000 maximum per loan, an 18-month payback and an interest rate tied to a 12-month look-back on the city's investment earnings.
The Brigham City Council on Sept. 4 approved a downtown site-improvement revolving loan program intended to fund horizontal site work in the historic downtown corridor, including parking-lot and exterior site repairs behind Main Street businesses.
Staff recommended a $100,000 program cap with individual loans capped at $25,000, an 18-month repayment schedule and an interest rate equal to a 12-month look-back on the city's pooled investment rate (the presenter described it as "a 12 month look back at the PTIS rate"). The program’s scope…
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