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URA approves $50,000 forgivable loan for downtown boutique lodging project
Summary
The McMinnville Urban Renewal Agency approved a three-year $50,000 forgivable loan (4-1 vote) to Hops Homestead LLC for a boutique lodging and event project; loan forgiveness is staged (CO and two years of operation) and includes a personal guarantee and resale payback clause.
The McMinnville Urban Renewal Agency voted 4-1 to approve a three-year forgivable loan of $50,000 to a downtown lodging and event project known as Hass/Hops Homestead, a redevelopment and new-construction project along Northeast First Street.
Community Development Director Heather Richards presented the project and URA staff's due-diligence findings. The project is a combined rehabilitation and new…
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