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Anna CDC and EDC approve loans and $500,000 allocation to clear downtown site
Summary
The Anna Community Development Corporation and Economic Development Corporation on May 22 approved a package of loan resolutions and a $500,000 allocation from downtown land acquisition funds to prepare a downtown site for redevelopment, using future sales tax revenue as collateral for part of the financing.
The Anna Community Development Corporation and the Anna Economic Development Corporation on May 22 approved resolutions authorizing tax-exempt and taxable loans and directed staff to apply $500,000 toward the taxable portion to lower the city corporations' debt service.
The actions, taken during the boards' joint meeting at Anna Municipal Complex Council Chambers, are intended to remove existing homes from a site off Southwest Eighth Street and make the property "shovel ready" for future economic development, including a potential public parking lot. Bernie Parker, a staff member who presented the matter, said the boards previously used property and homes as collateral on a February loan with Lamar Bank and are now pursuing a structure that relies in part on future sales-tax revenue as…
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