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Council reviews downtown projects, PARTF award and financing options for URA
Summary
City staff outlined several capital projects including a $1 million award for William and Montgomery Street Park and remaining PARTF funds; staff discussed TIF growth, revolving credit, municipal bonds, CDFI partnerships and a requested $150,000 reserve for downtown building repairs.
Finance Director Joey Fuqua and City Manager Edward T. Blackmon identified several capital projects under consideration: William and Montgomery Street Park, TIF-district redevelopment, the Embassy Block, and McGregor Hall. Blackmon said Representative Frank Sossamon submitted projects on the city’s behalf and the city was awarded $1 million for the William and Montgomery Street Park project; the minutes also note $300,000 remains in the PARTF grant.
Blackmon explained reimbursement mechanics for PARTF matching: if the city secured a $500,000 line of credit, roughly half could be reimbursed under PARTF rules and county reimbursement obligations (the county shares roughly 45% of Recreation and Parks costs) would apply.
Assistant City Manager Paylor Spruill described financing options: a revolving credit line targeted at URA properties (with Embassy Block treated as a separate, phased loan), and said recent revaluations had significantly increased property values in the URA. Spruill suggested applying for an upcoming grant to fund pedestrian and bicycle improvements tied to the planned S-Line and noted the TIF district value had increased by 149% with the potential to back $3–4 million in revolving credit for downtown projects. Municipal bonds were discussed as an option if multiple projects were bundled, and staff mentioned partnering with a Community Development Finance Institution (CDFI) as another avenue.
Development Services Director Corey Williams asked for $150,000 in capital reserve to address surveyed repair needs on Garnett Street (awnings, roofs, windows) and to avoid demolition where repair is feasible. Mr. Blackmon said staff would return with financing recommendations and additional detail at upcoming budget sessions.
No formal action was taken at the session; council will consider funding and financing decisions in future hearings.
