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Mount Rainier council approves $50,000 forgivable loan for neighborhood childcare
Summary
The Mount Rainier mayor and council unanimously approved up to $50,000 from the city—s incentive fund to support Naturally Integrated Learning Experiences (NILE) opening a daycare in the Melinda Miles Annex. The project is projected to start with about 20 children and expand to roughly 32.
Mayor Benitez and the Mount Rainier City Council voted unanimously Oct. 29 to commit up to $50,000 from the city—s "million-dollar incentive fund" to Naturally Integrated Learning Experiences (NILE), a woman- and minority-owned childcare venture planning to locate in the Melinda Miles Annex at 3503 Perry Street.
Dawn, representing FSC First (the local financing intermediary), told the council that NILE principal Erica Serrano will contribute $9,500 in owner equity toward total estimated project costs of $59,500. The loan is structured as forgivable; if the project does not meet closing…
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