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Council packet includes proposed $500,000 UDAG loan to local nonprofit and developer
Summary
Ordinance No. 037-26 would authorize execution of a loan agreement for $500,000 in Urban Development Action Grant proceeds to Build Ohio Acquisition & Holding Company, LLC and Canton for All People, Inc.; the item is listed as new business and declares an emergency.
Ordinance No. 037-26 is listed under New Business as "authorizing the execution of a loan agreement with respect to the proceeds derived from Urban Development Action Grants (UDAG) in the amount of $500,000 to Build Ohio Acquisition & Holding Company, LLC and Canton for All People, Inc; and declaring an emergency." The transcript records the ordinance language in the agenda but does not include debate, motions, or a recorded vote.
The agenda identifies the funding source as UDAG proceeds and names the loan recipients. The agenda does not provide loan terms, repayment schedule, or conditions; those details are necessary for public review but are not included in the portion of the meeting transcript provided.
