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Port Authority shifts to quarterly competitive grants and repayable awards, council hears
Summary
A councilmember reported that the Port Authority adopted a strategic plan emphasizing support for existing businesses and a new grants approach: four competitive cycles per year and converting some small awards into low-interest loans that are returned as grants once repaid. The change aims to preserve taxpayer resources and encourage responsible use of funds.
In committee reports a councilmember described a recent Port Authority strategic-plan vote that, the speaker said, prioritizes assistance for existing local businesses and changes how grants will be managed.
The reported changes include moving to quarterly competitive grant cycles and…
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