Council reallocates downtown revitalization funds, approves $44,791 loan and releases unused Schaeffer grant

The council approved two downtown revitalization items by unanimous vote. First, council passed resolution 7659 to release and discharge Michael S. Schaeffer and Shelley R. Schaeffer from their downtown revitalization improvement program grant agreement after Schaeffer informed staff he no longer wished to pursue the funds. Staff said no funds were disbursed and the collateral and award authorization will be returned to the available funding pool; staff said they will coordinate with the Department of Economic Development on how to reallocate the dollars.

Second, council adopted resolution 7660 to execute a direct loan agreement, promissory note, personal guarantee and deed of trust between the City of Beatrice and Paul E. Rickers and Ann L. Rickers for a $44,791 loan under the CDBG downtown revitalization grant 23-DTR-002 for property at 509 Court Street. Staff explained the loan amount is calculated from a bidder process: applicants obtain a minimum of three bids, staff averages the bids and the city typically awards 60% of that average (the program allows up to 75% with DED approval). Staff described the loan as a five-year forgiveness arrangement contingent on the recipient meeting program requirements; if the work is not completed per program terms the city would seek repayment under the deed of trust.

Both resolutions passed 7-0.