ETX board considers loan to help redevelop downtown buildings
TEXARKANA, Texas (KTAL / KMSS) – Federal funding can help renovate a historic building in downtown Texarkana.
On Monday evening, Texas city council is expected to be notified of a resolution authorizing the city manager to sign loan documents for use up to $ 500,000 in EPA cleanup funds.
Mayor Bob Bruggeman said funds are available to help with downsizing work on the main structure of the building as well as the parking garage behind the building. “We’re kind of the watchdog of the funds, and so the loan goes to the borrower, the terms are set to repay or repay the loan, and then the city kind of coordinates those efforts,” Bruggeman said.
A local developer plans to renovate the building, which is over 100 years old, into luxury apartments. If passed, the proposal would allow the city manager to execute the loan documents for the project.
Bruggeman said continued downtown revitalization is essential for the region. “It’s a question of quality of life. It also provides us with an economic stimulus for business and industry, as often people who work in businesses or businesses like to live in a city with a thriving downtown area.
A public hearing and a final vote on the matter are scheduled for November 23.