Friday, March 07, 2014
Covering Dallas, Monmouth, Independence, Falls City and surrounding areas since 1868
February 18, 2014
MONMOUTH — The $60,000 purchase price for the city-owned building at 169 Broad St. will go into a revolving loan fund to support local business.
The Monmouth City Council approved both the sale and the start of the new fund at its Feb. 4 meeting.
The money, which will go back into the general fund, will be available for any business, not just those in the downtown urban renewal district, City Manager Scott McClure said.
The city already has a grant program established for making improvements to a building façade, but this loan would be intended for broader use, including upgrading an interior, he said.
The building was sold to the highest of seven bidders, Yulman Provancha and Mary Leach-Provancha of Salem.
It has housed both the Monmouth Indoor Park and offices for Central Youth Sports. It was originally a retail sales space for a lumber yard. It has been used temporarily for Petals and Vines, but is mostly vacant now, McClure said in a memo to the council.