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Victoria council approves $100,000 loan to IDA to finish 300 Court Street renovation
Summary
The council voted to loan the Industrial Development Authority $100,000 to complete renovation of the Steps building at 300 Court Street, splitting the funds between Park and General funds; Councilmember James G. Elam Jr. abstained and the IDA expects to repay in Q1 2025.
The Town Council on Oct. 8 approved a $100,000 loan to the Industrial Development Authority to finish renovating the former Steps building at 300 Court Street.
Michael Walker of the IDA told the council the project is about 60 days from completion but needs roughly $100,000 to reach January 2025. The town’s finance committee recommended splitting the amount with $50,000 from the Park Fund and $50,000 from the General Fund. Councilmember Chris Gill moved to provide the loan and Councilmember Johnnie Brame seconded; the motion carried and Councilmember James G. Elam Jr. abstained.
Walker said the IDA expects to repay the loan in the first quarter of 2025 and invited council and the public to a ribbon cutting and open house at 10 a.m. Friday, Oct. 11.
Why it matters: The loan allows an economic-development project owned by the IDA to proceed to occupancy and likely generate local activity that town leaders said will benefit downtown. Council records show the town has authority to make short-term loans to local development authorities under its budgeting rules.
What’s next: Town staff will record the loan terms and monitor repayment; the IDA’s ribbon cutting is scheduled Oct. 11, 2024.
