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Board hears details for three new programs: design grants, capital grants and a revolving loan fund
Summary
Staff and consultant outlined a trio of programs: conceptual design grants (50% match, $25k–$100k), capital improvement grants (50% match, up to $100k per project with $400k set aside) and a revolving loan fund ($1M set aside; loans up to $250k).
Consultant John Legarza told the board the packet includes three program types to help move stalled property and business projects forward: conceptual design grants, capital improvement grants and a revolving loan fund. He said the programs were designed after interviews with property and business owners and that the city would require matching funds and financial vetting.
John summarized the match and award amounts and said, "These programs are a 50% match," describing a conceptual grant window that could award between $25,000 and $100,000 and a capital grant with up to $100,000 per applicant. For the revolving loan fund he described $1,000,000 set aside in the urban renewal fund and suggested loans could be structured up to $250,000 with underwriting and collateral requirements.
