File #: 16-377    Version: 1
Type: Action Item Status: Agenda Ready
In control: Urban Renewal Agency
On agenda: 12/5/2016 Final action: 12/5/2016
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
Attachments: 1. North Gateway URA Map
Related files:

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

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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).

 

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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