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Council approves extra $10,000 on storefront renovation loan to reach program maximum
Summary
Council approved increasing an approved $25,000 commercial storefront revolving loan to the program maximum of $35,000 for Julia Nelson and Kathleen (Medilac), at 3% interest for a period not to exceed 60 months, to support a new renter and additional front façade work.
The Thief River Falls City Council authorized an additional $10,000 to a previously approved $25,000 revolving loan for commercial storefront renovation, bringing the total loan to the program maximum of $35,000.
City staff said the property owners, Julia Nelson and Kathleen (Medilac), secured a renter for part of the building at the former Hudson Electric location and will perform additional renovation work on the front of the building. Under the revolving loan program, the maximum storefront renovation loan is $35,000; staff said the loan terms are 3% interest for up to 60 months.
"Back in December 2, you guys approved revolving loan funds for commercial storefront of 25,000 to Julia Nelson and Kathleen Medilac. Since that time, they've obtained a renter... so the community development advisory board is recommending the additional $10,000 which would bring the loan amount to $35,000," City staff told the council. Councilman Arstead moved the additional loan authorization; council approved the motion by voice vote with no recorded roll-call tallies.
