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Council approves MOA to let Downtown Renaissance advance $80,000 loan to Epstein Properties, contingent on bank financing
Summary
The council approved a memorandum of agreement allowing Downtown Renaissance Inc. to loan $80,000 to Epstein Properties for working capital and authorizing the city to reimburse DRI from grant funds as reimbursements become payable; council discussion emphasized the arrangement is contingent on the developer securing a private construction loan.
The Rocky Mount City Council approved a memorandum of agreement (MOA) among the city, Downtown Renaissance Inc. (DRI) and Epstein Properties LLC that will allow DRI to advance an $80,000 working-capital loan to Epstein Properties and for the city to reimburse DRI from grant reimbursements as those funds are released.
City staff and Councilman Varney (who discussed the item) said…
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