Comment on Mom and Pop’s Diner gets Redevelopment incentive funds for new restaurant at Carson Mall. by Dave Morgan
To Mickeyme: The “incentive program” offered by Redevelopment is to encourage those who may not qualify for normal bank financing access to city funds that do not have to be paid back if the new business stays alive for 7 years. If it doesn’t survive the full 7 years, the owner pays the money back on a pro-rata basis. It’s primarily aimed at downtown areas that are blighted or nearly so, or if they’re “economically under-performing.”