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Finance committee approves one-year pilot facade grant funded with CD interest
Summary
The Finance Committee voted to pilot a business facade grant program for one year using $60,851 in CD interest; the program would reimburse up to $15,000 per building and is funded for FY2025 at $75,000.
The Finance Committee approved a one-year pilot of a facade-grant program aimed at helping downtown businesses with storefront improvements, adopting the funding source of interest earned on the city's certificates of deposit.
Committee members reviewed three funding options and debated using sales-tax revenue or gaming funds, but voted to pilot the program using CD interest, a pool estimated at $60,851 for the coming year. The pilot would make up to $15,000 available per building (the program budgeted $75,000 for FY2025) and would allow owners to apply for multiple properties if they own them.
Supporters framed the program as a targeted economic-development tool; one committee member suggested a pilot year using CD interest to evaluate take-up and impacts before committing longer-term revenue sources. The committee approved the one-year pilot motion; staff will publish application details and return with an evaluation after the pilot year.
Provenance: Discussion and vote occurred in the Finance Committee; the motion to fund the pilot with CD-interest proceeds passed without recorded opposition.
