AMENDMENT

Neighborhoods, Community Services, Public Health and Safety Committee · 2026-04-20 · agenda_item

A redevelopment agreement amendment is under review to correct a goal amount and update references for a project at 231 N. Laura Street. This project proposes to renovate and rehabilitate the existing building. The first floor will become approximately 2,800 square feet of commercial retail or restaurant space. The second floor will include two one-bedroom apartments. Funding for this project will come from Downtown Preservation and Revitalization Program (DPRP) loans totaling $1,907,345, with a portion forgivable and a portion to be repaid with interest. Construction must start within six months of the agreement's effective date and finish within 18 months of starting. This project will involve site preparation, renovation, and interior and exterior finishing work. Local contractors, suppliers, and service providers are encouraged to reach out early, as this agreement is still under review and before final plans, bids, and permits are settled, offering an advantage in securing potential work.

DPRP Loans

1,907,345 $

forgivable loan amount

1,525,845 $

repaid loan amount

381,500 $

leasable commercial space

2,800 sq. ft.

apartments

2 one-bedroom

construction commencement window

6 months

construction completion window

18 months

DPRP funding percentage

66 %

valuation period

20 year