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Pampa EDC seeks $900,000 forgivable loan to fill mall storefronts; commission approves first reading
Summary
The Pampa Economic Development Corporation requested a $900,000 forgivable loan to Cornerstone Shopping Center LLC to build out two tenant spaces at the Pampa mall; commissioners approved Resolution R26-00006 on first reading and sent representatives to next meeting for follow-up.
The Pampa City Commission approved on first reading Resolution R26-00006, a project of the Pampa Economic Development Corporation proposing a $900,000 forgivable loan to Cornerstone Shopping Center LLC to renovate mall space and build out two tenant suites.
Ryan Bradley, executive director of the Pampa Economic Development Corporation, said the funds would create two tenant spaces intended for Dunham Sporting Goods and a discount clothing retailer and include a 10-year occupancy commitment and securities to ensure continuity. Bradley said the project—s timing was strong given recent sales-tax growth and that completing the buildouts would leave the mall fully occupied.
City staff told commissioners the project representatives would appear at the July 13 meeting to answer specific questions and that the grant/loan terms would include occupancy guarantees. Commissioners recessed to executive session to discuss legal, personnel and economic development matters and, on reconvening, approved the resolution on first reading and asked staff to return when project representatives could respond to follow-up questions.
The commission approved the item by voice vote. Details about loan covenants, payback conditions (if any), and the securities referenced by staff were to be provided by project representatives at a subsequent meeting.
