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Board amends MDF guidelines and approves $20,000 forgivable loan for Georgia's Family Dining
Summary
Trustees amended the Montgomery Development Fund guidelines to raise the maximum forgivable loan from $10,000 to $20,000 and allow reimbursements for work completed within six months of application, then approved a $20,000 forgivable loan for Georgia's Family Dining toward facade upgrades.
The Village Board adopted a resolution amending the Montgomery Development Fund (MDF) guidelines and then approved a forgivable loan for a local business.
Director Apt said staff revised the MDF rules after reviewing Georgia's Family Dining's application and determined the program needed changes to approve the request. "This changes the guideline limits for the maximum forgivable loan amount from 10,000 to 20,000," Apt said, adding the revision allows reimbursement of eligible project expenditures completed up to six months before applying.
With the guideline changes adopted, the board considered Georgia's Family Dining's application. Staff reported the restaurant requested a $20,000 forgivable loan to fund facade improvements including siding replacement and new awnings; the total project cost was reported at approximately $53,000. Apt said the MDF committee recommended approval given the business's longevity and the timing of the work. Trustees moved and approved the resolution authorizing the forgivable loan and directed staff to execute the loan agreement.
The approved changes to the MDF program and the Georgia's loan will enable staff to close the loan agreement under the revised guidelines.
