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Commission approves up to $40,000 EDAC loan reimbursement for Hite Law LLC at 919 N. Broadway
Summary
The commission approved the Economic Development Advisory Committee recommendation to reimburse up to $40,000 from the revolving loan fund to support renovation of 919 North Broadway for Hite Law LLC; owner Caitlin Hite said the purchase price was $325,000 and remodel estimates for the back units are roughly $150,000.
The commission approved the EDAC recommendation to allocate up to $40,000 from the revolving loan fund to assist Caitlin Hite’s renovation of 919 North Broadway, where she plans to locate Hite Law LLC.
Caitlin Hite described the property (a former five‑unit motel built circa 1930 that currently contains two active short‑term rentals and the Corner Patio) and said she purchased the building for $325,000. She told commissioners that finishing the back three units to convert part of the building into her private practice will likely cost in the range of $150,000 and that she is not requesting funds for the Corner Patio improvements. “The purchase price of the building was 325,000,” she stated.
EDAC and commissioners praised the investment in downtown Broadway and discussed parking and tenant/landlord relationships. A motion to approve the reimbursement was moved and seconded and the commission voted to approve the EDAC recommendation. The item passed and staff will execute the program's usual loan/reimbursement documentation.
The commission noted a potential conflict and one commissioner signaled an abstention during the motion discussion; the motion nonetheless carried.
