DOWNTOWN STIMULUS/REDEVELOPMENT PROPOSAL IN DISCUSSION

The first phase of the TIF #8 project plan is in the discussion stages at this point. TIF #8 is the new downtown TIF, which covers most of the land in the current downtown TIF (which will close in 2010 or 2011), and was created late last year. Using a popular term these days, I would view this first phase as a stimulus package of sorts for the downtown area. The items under discussion at this time include:

$250,000 - This money will be used for the reconstruction of the Blackburn Street parking lot adjacent to Domino's and Pasttimes. The lot is in a sad condition, and is an eyesore for downtown Ripon. We have discussed a number of designs, but I am hopeful that work will begin in spring.
$200,000 - This money will be used to beautify the downtown area. It will be used for, but not limited to: bike racks, trees, banners, flower pots, new street lights, and benches.
$100,000 - This money will be used to fund a Downtown Revolving Loan fund to be administered jointly by the city and the Main Street program. The funds can be used to attract new businesses to the downtown, help current businesses expand and modernize, and, in difficult times, serve as a financing tool to cover down times for local downtown businesses. The details of the program are in the discussion stage at this time.
$50,000 - This money will be used to fund a Downtown Facade Grant and Loan program. The downtown used to have this program until the funding dried up a number of years ago. The grants will be given on a matching format. For example, 50 percent from the business and 50 percent from the grant program. At this time, I am envisioning the interest being used to fund grants, with loans being given at a competitive interest rate. A key component of the downtown is the fronts of the stores.

This is the first phase of the downtown redevelopment we have been discussing the past two years. I look forward to your comments and questions on this program as we move forward.