Owosso council approves revisions to downtown revolving loan and grant program

Owosso — The Owosso City Council approved revisions to the downtown revolving loan and grant program after a presentation from Lizzie, the city’s DDA and Main Street director. Council members voted to adopt a program update that includes a three-year grant clawback provision, a principal loan reduction option for certain reimbursement grants and new eligible project types, including façade improvements as grants and roof repair and replacement.

Lizzie said the changes respond to feedback from property and business owners who need help funding upfront work. “Not every property owner has those funds to put upfront,” she said, explaining the principal reduction option lets owners take a loan and receive a principal reduction in lieu of a reimbursement grant so projects can move forward.

The three-year clawback targets projects that have been completed but later significantly altered, removed or not maintained; Lizzie said the provision differs from last year’s callback policy by having different percentages and a shorter timeframe. She said the board’s aim is to support developers in seeing projects through and maintaining buildings in the downtown core.

Council moved and the clerk called a roll-call vote; the revisions were approved. Mayor Taish thanked the DDA/Main Street director and the Economic Vitality board for the multi-year effort to update the program. The council did not identify any amendments to the proposal during the meeting.

The program changes are intended to increase redevelopment options for older downtown properties by expanding grant eligibility and improving financing flexibility for property owners. The council’s vote takes effect per city procedure; staff will circulate the updated program guide and next steps to applicants and board members.