Greenwood expands loan pool by $50,000
September 6, 2007
By CHRIS TRAINOR
Index-Journal Staff Writer
GREENWOOD, SC - The City of Greenwood has aggressive plans for streetscape and facade improvement along Maxwell Avenue. Establishing financing for the project has been a top priority.
During a special called meeting Tuesday night, Greenwood City Council took an important step in making the financing happen.
Assistant city manager Charlie Barrineau reported council voted Tuesday to add another $50,000 to a one-time loan pool for the Emerald Triangle Facade project.
Council had previously voted July 16 to approve a $200,000 loan pool. The Uptown Greenwood Development Corp. then pledged to add $100,000 to the pool, bringing the total to $300,000.
The terms of the loan are five years at 3 percent interest.
Barrineau said the city received $340,000 in loan requests from property owners along Maxwell, hence the $50,000 bump Tuesday. Council approved the increase unanimously.
The total cost for the facade improvements is $815,000. Of that amount, Barrineau said about $450,000 is being provided by a grant from the S.C. Department of Commerce Rural Infrastructure Opportunity Grant Program.
The rest of the funds will come from the aforementioned loans and cash matches from property owners.
“This includes construction on 23 buildings,” Barrineau said. “We are still negotiating to make improvements to three additional properties for a total of 26 properties to be improved along Main (Street), Oregon (Avenue) and Maxwell Avenue within the Emerald Triangle.”
Town and Country Construction, of Greenwood, has been awarded the contract for the work, per a letter of intent from the city. Barrineau said construction will begin in the next 30-60 days, with work likely last about a year.
The city is also working with Davis and Floyd Engineers, Inc. and Robertson Landesign, of Greenwood, to complete the streetscape design for Maxwell Avenue. This project should be bid before the end of the year, with work to be completed by the fall of 2008.
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