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Georgetown council approves five-year forgivable TIF loan of up to $30,000 for Golden Crispy Chicken
Summary
The Georgetown City Council approved a five-year forgivable loan of up to $30,000 from the city’s Business/TIF district to help Golden Crispy Chicken buy kitchen equipment, the council recorded a unanimous approval after a committee recommendation.
The Georgetown City Council on Oct. 20 approved a five-year forgivable loan of up to $30,000 to Golden Crispy Chicken to purchase kitchen equipment, adopting a recommendation from the Business/TIF district committee.
The committee recommended the loan as an economic development incentive; the council’s motion to approve was made by Alder Jack Morrison and seconded by Alder Curt Gordon and was recorded as passed unanimously in the minutes.
The measure is described in the minutes as a forgivable loan tied to equipment purchases in the Business/TIF district. The minutes do not specify repayment triggers, conditions for forgiveness, the source fund balance, or whether any clawback provisions apply.
The approval follows the committee recommendation and is intended to support a local restaurant’s capital needs rather than a direct grant. The minutes do not list a dollar amount actually disbursed at the meeting or a project timeline; council action at this session authorized the loan program terms as recommended by the committee.
Council members did not offer detailed public comment on the loan in the minutes. The vote recorded in the minutes for the committee recommendation is unanimous as presented (motion by Alder Jack Morrison; second by Alder Curt Gordon).
