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Council hears 'Sandy Ignite' plan proposing grants and revolving loan pool to spur downtown investment
Summary
Consultant John presented 'Sandy Ignite', a three-part program with $100,000 in concept-design grants (up to $25,000 with 50% match), $400,000 in capital grants (up to $100,000 with 50% match) and a $1,000,000 revolving loan fund (loans up to $250,000). Council supported piloting the approach and asked staff to refine scoring, anti-squatting guardrails and outreach.
Council reviewed a proposed economic development package, called "Sandy Ignite," that would combine small design grants, capital grants and a revolving loan pool aimed at encouraging downtown property owners and businesses to invest in rehabilitation and new projects.
John, the presenter, described three elements: a concept-design grant program with a $100,000 total allocation (awards up to $25,000 with a required 50% owner match), a $400,000 capital grant program (awards up to $100,000 with 50% match) and a $1,000,000 revolving loan fund with individual loans up to $250,000 to bridge…
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