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FOR IMMEDIATE RELEASE
The City of Springfield on or about Nov. 4 will submit a request to the U.S. Department of Housing and Urban Development (HUD) for the release of Community Development Block Grant (CDBG) funds for the purpose of providing low interest business incentive loans to create, retain and document jobs principally for persons of low and moderate income over the next five years.
Additionally, the program will assist businesses and nonprofits with property acquisition, rehabilitation, and the purchase of furniture, fixtures and equipment, which will assist in the removal of slum and blight in the program areas.
Loan programs funds may also be used to pay principal and interest on Section 108 loans. It is anticipated that Business Incentive (Micro-Enterprise) Loans and Business Development Loans will be provided to approximately 100 businesses over the next five years. The purpose of Business Incentive (Micro-Enterprise) Loans is to facilitate economic development through the establishment, stabilization, and expansion of microenterprises and small businesses (retail businesses with five or fewer employees at the time of the loan application, one or more of whom own the business).
Business Development Loans are designed to provide financial assistance for small business concerns (having six or more employees) and nonprofit organizations. Ground disturbance is anticipated for these projects, since demolition and construction may be conducted based on individual need.
The approximate cost for the projects is $6,768,210. Note the Commercial Loan Program is currently funded entirely through the City's revolving loan income.
Site-specific (Tier II) environmental reviews will be completed for each project when property addresses become known and cover the following laws and authorities not addressed in the Tier I broad review:
The Tier I environmental review record (ERR) that documents the environmental determinations for the project area is available to the public for review. If you have questions, please contact Associate Planner David Fraley at 417-864-1190 or [email protected].
Any individual, group, or agency may submit written comments on the ERR to [email protected].
All comments received by 5 p.m. Wednesday, Nov. 4 will be considered by the City of Springfield prior to authorizing submission of a request for release of funds.
“All programs that receive federal funding must undergo an environmental review,” Fraley said. “HUD allows the City of Springfield to complete these environmental reviews in relevant groupings, such as home rehabilitation, and in advance of actual funding and HUD approval. This is why the review described covers a five-year time frame and lists anticipated project numbers and amounts. Basically, the ERR certifies that the City will review each project as it relates to the National Environmental Protection Act and other authorities. This certification is a requirement before HUD will issue grant funds to the City.”
For more information, please contact Associate Planner David Fraley at 417-864-1190. Media are asked to contact Melissa Haase, 417-864-1003 or [email protected]