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Advisory board approves $193,500 CRA loan to renovate 603 NE 13th Street
Summary
The Central City Redevelopment Advisory Board voted to approve a $193,500 CRA property/business loan to fund interior renovations at 603 NE 13th Street, citing activation of retail and job creation potential despite debate over awarding high interior funding percentages.
The Central City Redevelopment Advisory Board approved a $193,500 CRA loan to fund interior renovations at 603 NE 13th Street, a 6,220‑square‑foot property staff said is being converted to retail and small businesses. CRA staff described the loan as a first mortgage that would be forgiven five years after completion provided the property is not sold and a restrictive covenant remains in place.
CRA staff presented the application as a business loan under the CRA program and outlined the scope: demolition, new HVAC, electrical upgrades, two ADA‑compliant restrooms, plumbing and fire‑safety work. A representative for the applicant said the owner has already invested roughly $200,000 in exterior work and is marketing the space; the applicant cited interest from a Pilates studio and estimated 5–10 potential local jobs depending on final tenants. “We have a funding request from Clean Progress Investments for $193,500,” a CRA staff member said during the presentation.
Board members pressed staff and the applicant for clarity on total project cost, tenant commitments and parking. Several members noted the CRAhas historically prioritized exterior/faade work and expressed concern about awarding a large share of funds for interior buildout. Chair Charlene Gunn moved the recommendation and the board conducted a roll call vote; the transcript records a tally of “9 2 0,” recorded immediately after members verbally registered their votes.
The action directs staff to execute the loan under program terms if legal and administrative conditions are met. The applicant and CRA staff are expected to finalize contract language and deliverables before funds are disbursed.
