Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Owosso council approves revisions to Downtown Revolving Loan & Grant Program
Summary
The council approved revisions to the Owosso Main Street & Downtown Development Authority (OMS & DDA) Revolving Loan & Grant Program, altering processing fees, principal reduction eligibility and reimbursement schedules upon sale.
On June 15 the Owosso City Council approved revisions to the OMS & DDA Revolving Loan & Grant Program that change loan and grant processing fees, adjust eligibility for principal reductions and modify reimbursement schedules when properties are sold.
Councilmember Carl C. Ludington moved to approve the program revisions; the motion was supported by Councilmember Christopher D. Owens and passed by roll call with no recorded nays. The revisions had been approved previously by the OMS & DDA Economic Vitality Committee on May 19 and the OMS & DDA Board on June 3 and were submitted to council for final approval.
Council materials state the program began in 1994 (formerly UDAG/CDBG) and was restructured in 2019 to assign stewardship to OMS & DDA. The updated provisions apply to the 2026-2027 fiscal year and are intended to guide the OMS & DDA board in administering loans and grants to support downtown revitalization.
The council did not change program funding levels at the meeting; the approved document is on file with the clerk.
