Advertisement

Hagerstown council to discuss program to improve upper floors of downtown buildings

April 08, 2008|By DAN DEARTH

HAGERSTOWN -- The Hagerstown City Council is to discuss today a program that would help the owners of downtown buildings pay for making upper-floor improvements.

City Economic Development Director Deborah Everhart said the Upper-Floor Redevelopment Revolving Loan Fund Program has about $225,000 available for building owners to upgrade the upper floors of their properties. That could include work such as installing elevators and fire-protection systems.

The no-interest loans wouldn't have to be paid back for 10 years, unless the owner sells the building, Everhart said.

"The goals we're looking for are to see these upper floors filled with more residences and offices," she said.

If the council approves the program, the loans would be issued quarterly, she said. An individual could receive a loan of as much as $100,000.

In September, the city asked for $250,000 from the state's Community Legacy program, which provides funding for economic development activities, Everhart said. The city received a $100,000 grant.

Advertisement

The city already had budgeted $125,000 in the general fund to use in the event the program was created, Everhart said.

The city would manage the program and distribute the money based on a ranking system, Everhart said. Critical properties that could cause the decline of a street block, for example, are first on the list.

The Herald-Mail Articles
|
|
|