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Ithaca economic-development panel weighs broadening downtown loan rules amid tight funds
Summary
The Ira Economic Development Committee discussed updating a 2007 priority-business list in favor of broader purpose statements after a city-commissioned retail study, noting about $250,000 is available for lending and staff will draft a revised policy for committee review.
The Ira Economic Development Committee on Feb. 10 opened a review of its downtown-focused priority business loan program, with staff urging a shift from a prescriptive 2007 list toward broader purpose statements tied to current retail-market conditions.
Staff member (Speaker 2) told the committee that the city operates two principal loan products: a citywide Community Development revolving loan fund — traditionally gap financing with $100,000 maximum for retail and $150,000 for nonretail projects — and a density-district priority business loan fund targeted to the Commons, West State Street corridor and the West End. "We have about $250,000 total right now," Speaker 2 said, noting the balance fell from earlier program income after commitments to projects and that roughly $180,000 in program income returns annually.
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