|
to: |
Roger L. Stancil, Town Manager |
|
from: |
Dwight Bassett, Economic Development Officer |
|
subject: |
Approval of Budget Amendment for Small Art Business Loan Program |
|
date: |
February 23, 2009 |
Enactment of the attached ordinance would provide funding for the establishment of a Small Art Business Loan Program for downtown. The program will be funded by a $20,000 contribution from the Downtown Partnership and a $20,000 appropriation of fund balance of the Downtown Service District Fund.
We recommend enactment of the ordinance.
In June of 2008 Town Council adopted the Economic Development Strategy. This Strategy and associated work plan call for targeted assistance is bringing specific types of businesses to Chapel Hill. This budget amendment, establishes the Small Art Business Loan Program using a $20,000 contribution from the Downtown Partnership and a $20,000 appropriation of fund balance from the Downtown Service District Fund. This will provide $40,000 to target art related businesses for downtown that can act as small economic engines in driving additional traffic to downtown.
The Town Manager, working with the Downtown Partnership, will work to develop guidelines for use of this program. It is targeted to be a deferred payment, low interest loan program to encourage the development of successful businesses for downtown.
That the Council adopt the attached ordinance and resolution that would establish a Small Business Loan Program by appropriating $20,000 in fund balance from the Downtown Service District Fund and increasing revenues from the Downtown Partnership by $20,000.