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City secures $100,000 USDA grant to start downtown business incubator
Summary
The Land Clearance and Redevelopment Authority voted to purchase two downtown buildings for a business incubator; the city won a $100,000 USDA Rural Business Development grant with a $40,000 LCRA match to fund phase 1 of renovations and programming.
The City of Mexico will move forward on creating a small-business incubator after the Land Clearance and Redevelopment Authority approved purchase of 113 and 115 North Washington and staff announced the city won a USDA Rural Business Development grant.
Amy O'Brien, assistant city manager and economic development director, told the council the city applied for a USDA Rural Business Development grant for $100,000 and was successful. "We did apply for a USDA, rural business development grant in the amount of $100,000 and found out that we were successful, and they are going to award it upon approval of this council," O'Brien said. She said the LCRA's $40,000 match toward purchase will satisfy the grant's local match requirement and that the $100,000 will fund phase 1 of a multiyear effort.
Council members asked about the building condition, including roof concerns; O'Brien said engineers will prepare a full plan after purchase and that the city will pursue additional funding sources such as Community Development Block Grant (CDBG) funds for later phases.
The council moved for reading and passage of a resolution (bill 2020450) authorizing the city manager to sign documents related to the USDA grant and associated purchase and the LCRA's purchase with current funds.
