Clear Lake council to consider economic development loans tonight for Chamber, Lake Theatre projects

CLEAR LAKE — Clear Lake’s City Council tonight will consider action on a pair of economic development forgivable loans.

The council on their agenda is being asked to amend the Clear Lake Consolidated Urban Renewal Area for three projects.

One would be a tax rebate for CRJ Properties LLC for building renovations located at 2 North 4th Street. The second would be for a tax rebate loan to the Clear Lake Chamber of Commerce associated with their new building construction project in the amount of $200,000 and collection of that amount back to the city through incremental tax dollars. The third would be to allow a forgivable loan to the Lake Theatre Incorporated in the amount of $600,000 associated with their renovation, with collection of that amount back to the city through incremental tax dollars.

After approving amending the urban renewal area, the council will take action on the loans for the Chamber and Lake Theatre. A public hearing will be held on the CRJ Properties LLC tax rebate at the council’s November 17th meeting. That would allow for a six-year, 90% tax rebate not to exceed $75,000 for that project.

The council meets tonight at 5:30 at City Hall.