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Council adopts memorandum to let Downtown Renaissance loan $80,000 to Epstein Properties pending bank financing
Summary
The council approved a memorandum of agreement allowing Downtown Renaissance to loan $80,000 to Epstein Properties as working capital with the city to reimburse DRI from grant reimbursements once payable; council and staff noted the deal is contingent on the private bank construction loan.
The Rocky Mount City Council voted to adopt a memorandum of agreement that will allow Downtown Renaissance Inc. (DRI) to loan $80,000 to Epstein Properties to be used as working capital during a planned renovation.
According to staff remarks, the loan from DRI would be repaid as the city releases grant reimbursements to Epstein…
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