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EDA presents ArtSpace affordable-housing proposal, small-business equipment grants and RCIT site update
Summary
The Economic Development Authority updated council on enterprise-zone activity, proposed a $20M ArtSpace 60–80 unit affordable artist housing project in Riverdale (seeking local predevelopment funding), detailed a $400,000 two-year Business Equipment Incentives grant pool for small businesses, and reported a $7.5M state award plus $2.5M city match to advance Tract 8 at RCIT.
Braxton Napp, EDA chair, and economic development staff outlined the EDA’s role in issuing industrial revenue bonds, administering enterprise zones and managing performance agreements. They highlighted recent investments and programs, including a $225,000 EDA contribution to the City’s Affordable Housing Fund and performance agreements tied to Riverdale redevelopment.
Mark Nelson presented two items the EDA wants the council to note for the legislative agenda: (1) protection or expansion of state…
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