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Community Partnership recommends council accept $200,000 from Troy Reinvestment Fund for downtown sprinkler loan program
Summary
The Community Partnership recommended that council authorize the Director of Public Service and Safety to accept $200,000 from the Troy Reinvestment Fund to create a downtown revolving loan fund offering $10,000–$50,000 loans for fire-sprinkler installation, with staff asked to prepare emergency legislation to implement the program.
The Community Partnership on Jan. 12 recommended that city council authorize the Director of Public Service and Safety to accept $200,000 from the Troy Reinvestment Fund to establish a downtown revolving loan fund to help property owners install fire sprinkler systems.
Unidentified Speaker 2, who presented the proposal, said the Troy Reinvestment Fund (TRF) would provide $200,000 and that the city would administer loans ranging from $10,000 to $50,000 to install or prepare to install sprinkler systems. “It's not every day I get to come and, tell council that we have an organization willing to give us $200,000, but it does come with some strings,” the presenter said, describing guidelines TRF reviewed and approved.
Why it matters: organizers said the program is timed to take advantage of upcoming street work in downtown, which should reduce construction disruption and costs for installing fire lines and taps. The Partnership described the program…
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