WHEREAS, the Town Council realizes the importance of encouraging the growth of downtown; and
WHEREAS, the Council desires to see downtown secure more new small art related businesses; and
WHEREAS, the Council believes that a Small Art Business Loan program could assist in recruiting new and unique businesses to downtown; and
WHEREAS, the Council sees that this program should be for targeted art related businesses that express interest in locating downtown; and
WHEREAS, the Council this program would be for a deferred payment loan and at an interest rate equal to or less than the current LIBOR; and
WHEREAS, the Council sees that this program may be secured by capital or assets of the business it is lending to.
NOW THEREFORE, BE IT RESOLVED that the Council of the Town of Chapel Hill that the Council approves the development of a Small Art Business Loan Program and directs the Town Manager to develop and implement this program consistent with the principles above. This the
This the 23rd day of February, 2009.