TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Kristin Retherford, Urban Development Director
SUBJECT:
title
Funding for FY 2016-17 North Gateway Urban Renewal Area Grant and Loan Programs
Ward(s): Ward 5
Board Member(s): Dickey
Neighborhood(s): Northgate
end
ISSUE:
Shall the Agency Board authorize the use of North Gateway Urban Renewal Area (North Gateway URA) funds to add $500,000 to the North Gateway Interior/Exterior Grant Program and $100,000 to the North Gateway Loan Program?
RECOMMENDATION:
recommendation
Authorize the use of North Gateway URA funds to add $500,000 to the North Gateway Interior/Exterior Grant Program (Grant Program) and $100,000 to the North Gateway Loan Program (Loan Program).
body
SUMMARY AND BACKGROUND:
Amendments to the Grant Program policies approved by the Agency Board on June 27, 2016 increased award limits to $300,000 from $50,000 (total for interior and exterior improvements) and expanded funding eligibility. The amendments affect grant awards made within the boundaries of the North Gateway Urban Renewal Area (Attachment 1).
The policy changes have stimulated new interest in the Grant Program. In FY 2015-16, staff approved four grants totaling $394,073. In the first half of FY 2016-17, staff approved three grants totaling $193,653. Pending Grant Program applications total $2,729,735 and exceed the funding available. Loan Program activity in FY 2016-17 has reduced available loan funding to $63,040. Additional funding is needed in the Grant Program and Loan Program to address pending applications and respond to future inquiries.
FACTS AND FINDINGS:
The following table summarizes the available funds and pending applications:
Currently Available Grant Funds $2,368,597
Pending Grant Applications
CTEC $1,000,000
Mt West Investment Corp $ 749,000
Kerr Concentrates $ 14,260
Watershed, LLC $ 186,475
Santiam Electric $ 300,000
Vagabond $ 180,000
Jet Industries $ 300,000
Pending Grant Application Total $2,729,735
Balance of Grant Funds ($ 361,138)
Without authorization of additional funds, the Grant Program will be short $361,138 in meeting the pending applications which are already received and in process. The requested authorization will fund all current and pending applications and some additional requests.
Staff continues to receive significant interest in the Grant Program from businesses and property owners in the North Gateway URA. If the Agency Board approves of the funding request tonight and all pending applications identified above are approved a remainder of $138,862 will be available to fund new applications this fiscal year.
Only $63,040 remains in the Loan Program. Some grant applicants may choose to pursue loan funding if grant funds are not available this year. The requested authorization for the Loan Program increases the available funds to $163,040.
At their November 3, 2016, meeting, the North Gateway Redevelopment Advisory Board reviewed the grant activity described and recommended the Agency Board approve the addition of $500,000 to the North Gateway Interior/Exterior Grant Program and $100,000 to the North Gateway Loan Program.
Mark Metzger
Project Coordinator
Attachments:
1. North Gateway URA Map
11/17/2016