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Hobart signs agreement to use regional growth fund for downtown loans
Summary
The Board approved an agreement allowing NW Indiana Regional Growth Fund, Inc. to administer a revolving fund for loans or grants to downtown owner-occupied commercial properties for building and equipment improvements; repayments will be returned to the fund for reuse.
The Hobart Board of Public Works and Safety on June 3 approved a Grant and Restricted Fund Management Agreement with NW Indiana Regional Growth Fund, Inc. to administer a revolving fund intended for downtown business property and equipment improvements.
Chief of Staff Kelly Clemens said the fund can provide loans or grants to local downtown businesses for the purchase or improvement of owner-occupied commercial real estate, commercial equipment, or furniture, fixtures and equipment. She said the arrangement is structured as a revolving fund so repayments are redeployed to support other downtown projects.
Ms. Galka moved to approve the agreement; Mayor Huddlestun seconded and the Board voted 3-0 to adopt it. Mayor Huddlestun said the Fund will manage applications and paperwork and called the arrangement a favorable way to revitalize downtown.
The motion passed without further public discussion at the meeting.
