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Tioga County IDA approves $20,000 façade grant for Lake Street property
Summary
The IDA approved a $20,000 façade award for Gearhart Real Estate’s Lake Street renovation, accepting the loans committee recommendation and authorizing staff to finalize paperwork; the board noted the program’s small reimbursement scope compared with total project costs.
The Tioga County Industrial Development Agency voted to approve a $20,000 façade grant for an application submitted by Gearhart Real Estate LLC for a Lake Street project, following a loans-committee recommendation presented at the board’s November meeting.
Staff described the application as focused on window invoices and noted the façade program’s $20,000 cap relative to the overall project. "Our façade B program is $20,000 bucks so it's a pretty small piece to what they have going on down there," a staff member said during the packet review.
Board paperwork showed the recommendation and a motion was made and carried to approve the funding amount; committee review found the applicant financially viable though the grant is a modest portion of the total work and the loan position would be subordinate to an existing lender. Staff flagged needed paperwork details and cautioned against submitting personally identifying information on bank forms.
Next steps: staff to finalize documents and complete administrative steps to issue the façade payment when project invoices meet program requirements.
