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North Bend URA seeks higher maximum indebtedness, proposes $200,000 downtown loan fund
Summary
City staff previewed a proposed amendment to the Urban Renewal Agency plan to raise the agency's maximum indebtedness and asked the URA to establish a $200,000 revolving loan fund to help downtown businesses address code and fire-safety violations using Main Street revitalization reimbursements.
The Urban Renewal Agency of North Bend on Aug. 11 presented a plan amendment package that would raise the agency's maximum indebtedness and create a $200,000 revolving loan fund to help downtown property owners address code and fire-safety upgrades.
City staff told the joint City Council and Urban Renewal Agency meeting that two resolutions will appear on upcoming agendas with separate public hearings: one seeking concurrence to increase the URA's maximum indebtedness and a second asking whether a public project may be included within the plan amendment. Staff said the agency's earlier action cleared the way for the substantial amendment to proceed and that the city will follow with ordinance and outreach steps if the council concurs.
Why it matters: raising maximum indebtedness expands the URA's…
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