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Gate City pledges $2M for neighborhood revitalization; city approves $5,000 growth‑fund outreach allocation
Summary
Gate City Bank told the commission it will allocate $2 million to a neighborhood revitalization loan initiative; commissioners also approved a separate $5,000 Growth Fund allocation to the Mandan Progress Organization to cover e‑delivery fees for Memorial Highway gift cards and outreach.
Gate City Bank pledged $2,000,000 to the city's 2026 Neighborhood Revitalization Initiative and said it will waive loan fees for qualifying projects, a bank representative told the commission on April 7.
"My name is Pam and I serve as the mortgage and personal lender at Gate City Bank," the speaker said, describing loan use for home improvements, safety repairs and accessibility adjustments. The speaker said the loan program's application deadline is Oct. 31, 2026.
Separately, staff presented a Growth Fund recommendation related to the Memorial Highway gift‑card program. Madison said the program includes a $40,000 incentive pool and $10,000 for marketing; the Growth Fund Committee recommended authorizing $7,000 from existing funds to cover buyer e‑delivery fees and requested an additional $5,000 for marketing/outreach. City staff said the Growth Fund cash balance available for economic development exceeds $73,000 and the committee recommended the additional $5,000 by vote.
Commissioner Schoberg moved to allocate the additional $5,000 to the Mandan Progress Organization for marketing and outreach to cover buyer e‑delivery fees; commissioners approved the motion by unanimous roll call.
