Urban Renewal staff reports progress on downtown incentive projects, cites available funds

Urban Renewal staff updated the board on a string of downtown projects funded through the agency’s incentive and exterior pilot programs, highlighting completed work and active applications.

Jacob Anderson told the board that the agency made its final recent interest buy-down payment on the Geyer Building (last payment $47.04) and that the total interest buy-down on that loan had been $217,189 over 15 years. He described ongoing work on the Canton Walk facades and roof, a pending application from a bookseller for facade and roof repair, and continuing interior work at Sigmund’s Flowers where second-floor activation has required engineering review. Anderson said improvements at the Granada’s doors and sign are nearly complete.

Anderson emphasized the incentive program structure: the agency maintains a $1,000,000 cap on the program (calculated at $10,000 per residential unit), and the DFA for Basalt Commons is $730,000, which staff said keeps the agency under the $750,000 threshold that would trigger prevailing wage requirements. Anderson summarized that "we have another $600,000 that's available for other projects as well," while noting strong recent interest in incentive applications.

Board members asked clarifying questions about how interest earnings are treated and whether loan proceeds remain within the renewal fund; staff confirmed interest stays with the renewal fund and does not flow to the general fund. The update concluded with staff saying the board will need to prioritize high-impact projects as funds are committed to major items such as 1st Street and Basalt Commons.