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Council approves PDC storefront revolving loans: 0% loans up to $20,000 for downtown businesses
Summary
The Portland Development Corporation’s storefront improvement revolving loan program was approved June 2. The program will use $250,000 of Downtown TOD TIF funds to make 0-percent loans up to $20,000 available to eligible commercial property owners and tenants in the defined TOD TIF district.
The Portland City Council on June 2 approved the Portland Development Corporation’s storefront improvement revolving loan program, which will use $250,000 of Downtown TOD TIF funds to provide 0-percent loans of up to $20,000 for facade and storefront improvements in the TOD TIF district.
Greg Watson, director of Housing and Economic Development, told council the program was adopted by the PDC at its May 15 meeting and that the loan fund is designed to complement other commercial loan programs. “There are some additional terms that apply to this … the 0 interest…
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