AMENDMENT

Finance Committee · 2026-04-21 · agenda_item

A redevelopment agreement amendment is under review by the Finance Committee for the building at 231 N. Laura Street. This project proposes to renovate and rehabilitate the existing structure. The first floor will become approximately 2,800 square feet of leasable commercial retail and restaurant space. The second floor will have two one-bedroom apartments. Funding for this project will come from Downtown Preservation and Revitalization Program loans totaling $1,907,345, with a portion forgivable and another portion to be repaid with interest. This funding represents about 66% of the minimum construction costs. Construction must start within 6 months and finish within 18 months of starting. The funding will be paid after the project is completed. This project will involve renovation and rehabilitation work, including interior and exterior improvements, and the installation of commercial and residential finishes. Contractors, suppliers, and service providers in construction, trades, and related fields may find opportunities. Reaching out early, before final plans and permits are set, could provide an advantage.

DPRP Loans

1907345 $

forgivable loan amount

1525845 $

repaid with interest amount

381500 $

commercial retail/restaurant space

2800 sq. ft.

one-bedroom apartments

2

percentage of minimum construction costs

66 %

ROI valuation period

20 -year

ROI

0.53