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City riverfront park picks up EDA grant
Fredericksburg Economic Development Authority decides on grants.

 Lee Russell prepares cuts of beef from a steamship round at Olde Towne Butcher on William Street in the city.
FILE/MIKE MORONES/THE FREE LANCE-STAR
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Date published: 7/12/2011

BY BILL FREEHLING

The Fredericksburg Economic Development Authority yesterday approved $241,314 in grants that will go toward projects in the city.

The city will borrow the $725,000 from the EDA. It will be a three-year, interest-only loan at 3 percent. Annual payments will work out to $21,750, and the city will amend the budget to include that. The city will issue a general obligation promissory note to the EDA. At the end of the three years, the city could either issue new debt to pay back the $725,000 or take the money from the fund balance or capital project account.

The City Council still needs to sign off on the plan at a meeting tonight, but that is considered a formality.

The EDA also agreed yesterday to give $11,450 to the Fredericksburg Regional Alliance, which works to market the region and attract business investment.

The EDA also made JumpStart grants to these businesses and organizations:

Lewis Graves received up to $5,364 toward awnings outside 401 William St., where the Olde Towne Butcher Shop & Market will expand into a small downtown grocer. The Avanti Hair Studio is there now and will move to the back of the building on the Charles Street side. The butcher will keep its existing space two doors down for processing.

The Fredericksburg Regional Chamber of Commerce received $5,000 for a Leadership Fredericksburg sponsorship.

Downtown Retail Merchants Inc. received $4,000 toward downtown Christmas displays.

The newly formed Cobblestone Children's Museum got $5,000 to help support its traveling exhibits. At some point the museum hopes to establish a permanent location.

The Gladys H. Oberle School got up to $2,500 toward a renovated entrance at its 404 Willis St. space. It is a private special-education alternative day school for middle and high school students.

The Heritage Festival got $5,000 for the July Fourth event and fireworks.

The Fredericksburg Area Museum and Cultural Center got $3,000 toward a Sept. 24 art event in Market Square.

The EDA has built up its funds from private entities that have sold tax-free bonds through the EDA for developments, including Mary Washington Hospital and Eagle Village. The entities receive lower borrowing costs because the bonds are tax-free, and they pass along some of the savings to the EDA. The EDA gets no taxpayer money.


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