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The Observer Paper 10/22/14

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Home arrow News arrow Local News arrow $500K approval would be historic decision

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$500K approval would be historic decision

An approval of a $500,000 funding request would be a landmark decision of the La Grande Urban Renewal Agency.

The OK would mark the first time the agency would need to go into debt to help fund a private project, though that is a fairly common occurrence in other cities.

“It’s very common for urban renewal to pay for projects with debt,” said La Grande Community and Economic Development Director Charlie Mitchell. “We’ve been more conservative with debt than our counterparts.”

It wouldn’t mark the first time the agency has gone into debt for a project, though.

“We have two loans out right now,” Mitchell said.

One is for the Big H streetscape project, and the other was for infrastructure development at the La Grande Business and Technology Park.

The URA was adopted in November 1999 with a mission to “revitalize La Grande’s Central Business Zone." 

See more in Monday's edition of The Observer. 

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