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Council: downtown revolving loan fund to launch; entertainment-district legislation planned
Summary
Clerk Risa Abrams told the council the Economic Development Committee will roll out a downtown revolving loan fund (up to $70,000, with loans up to $20,000 per business) and said legislation to create an initial downtown entertainment district will be presented to council on Jan. 16.
Risa Abrams said the Economic Development Committee will roll out a downtown revolving loan fund intended to spur investment in the city's business district. "We will roll out revolving loan fund for the downtown district," Abrams told council, saying the program would be up to $70,000 total and "they could borrow up to $20,000 each." Abrams said staff were reviewing title work, setting closings and meeting with a possible tenant for 301 Harrison Avenue.
Abrams also said the committee plans to bring legislation on Jan. 16 to establish an entertainment district, starting downtown with possibilities for other locations in the city. City leaders said they hope a combination of the loan fund and the entertainment-district legislation will help revitalize downtown storefronts and attract tenants to vacant properties such as 301 Harrison Avenue.
Council members did not take formal action on the loan fund at the organizational meeting; Abrams' remarks served as a preview of items to be considered at upcoming meetings. The finance committee and related hearings were scheduled to begin in mid-January.
