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EDA board approves small wording change to revolving loan fund policy
Summary
The board approved a clarification to the county's revolving loan fund policy, changing the ineligible-use phrase from 'residential real estate' to 'residentially zoned real estate' to make clear the program is intended to help businesses transition from residentially zoned properties to commercial or industrial sites.
The EDA approved a targeted wording change to the revolving loan fund policy intended to clarify eligible and ineligible uses. Staff said a recent request revealed ambiguity about whether the program could finance businesses operating in residentially zoned areas under conditional or interim use permits; the proposed change narrows the ineligible category to "residentially zoned real estate."
"The intent of our program is to help move them to a commercial property, move them to an industrial property," staff said, explaining the change was to avoid investing county loan funds in businesses that remain within residential zoning.
The board made a motion and approved the verbiage change by voice vote during the meeting; no roll-call tally was taken in the transcript.
Board members described the change as a small but clarifying edit that will aid staff interpretation and administration of the program.
