SOLON — Repair and restoration work should begin in earnest shortly on the Solon Hardware Store after the City Council approved a $55,000 five-year forgivable TIF (Tax Increment Financing) loan for the work at their Wednesday, May 15 regular meeting.
$15,000 is earmarked for the costs of the protective scaffolding from July of last year through March of this year with the rest going toward structural repairs. During the council meeting Councilman Cole Gabriel noted this is the third-highest such offer the city has made. Gabriel and Councilman Steve Duncan are on the city’s Finance Committee.
City Administrator Cami Rasmussen explained this type of loan is granted through the Urban Renewal program as the Hardware Store is located in a TIF district. “TIF funding is property tax dollars available to cities for the purpose of economic development or blight,” she said. “Details of the forgivable loan are still in draft though it is expected that 20% of the loan will be forgiven each year over the next five years. Given the recent property tax legislation that has impacted city budgets, the $55,000 loan is a generous amount and reflects the City Council’s commitment to a legacy Main Street business, and to the Trump family for their service to the Solon Community.”
Rasmussen added the city has received a building permit for the work, which is scheduled to be completed the third week of June.
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