COLUMBIA City (November 10, 2010) – The Columbia City Redevelopment Commission (Commission) announced today that it has established a Revolving Loan Fund (RLF) to encourage private investment in downtown Columbia City.
“We look forward to working with entrepreneurs to attract businesses to downtown Columbia City,” said Redevelopment Commission chairman Carl Siler, “This program will provide much needed assistance to support the reuse of vacant and underused facilities in our community.”
The Commission oversees a Tax Increment Finance (TIF) area in downtown Columbia City. The RLF program will promote the physical revitalization and strengthen the economic viability of properties located in the TIF area, will stimulate private sector investment in downtown Columbia City, and will address issues that improve the economic viability of the downtown TIF area. RLF programs have become a widely used financial incentive, establishing a pool of funding that can be replenished once loans are repaid to provide additional loan awards.
“The RLF program provides an opportunity to enhance and promote the unique character of downtown Columbia City,” said Commission vice-chairman Kevin Snell, “Our overall objective is to create a stronger, more vibrant downtown at the heart of Columbia City.”
The maximum amount of a RLF loan for a development project will be the lesser of $50,000 or 90% of the total project cost. The minimum loan amount will be $10,000. The applicant must fund the remaining 10% of any loan request. Pre-development loans will be available to pay for expenses such as environmental review, architectural study, historical review, engineering and appraisals, with a limit of $5,000. The interest rate will be set at the time of loan approval and will be the greater of 4% below the National Prime Rate, or 3%.
Building owners and tenants with owners’ consent are eligible to apply for participation in this program. Further program details and applications for the program are available at the Mayor’s Office, 112 South Chauncey Street, Columbia City. Program information will also be available at www.columbiacity.net.
Carl Siler – 260.244.4479
Kevin Snell – 260.248.6047