Clear Lake council approves forgivable loans for Chamber, Lake Theatre projects

CLEAR LAKE — The Clear Lake City Council last night approved amending the city’s Consolidated Urban Renewal Area so they could later approve two economic development forgivable loans and be able to move forward on a tax rebate for a third project.

After unanimously approving the urban renewal area amendment, the council approved a tax rebate loan to the Clear Lake Chamber of Commerce in the amount of $200,000 associated with their new building construction project, as well as a $600,000 forgivable loan to the Lake Theatre Incorporated associated with their renovation. The collection of those loans would be made to the city through incremental tax dollars.

Finance Director Jacob Widman says for the Chamber project, it allows the city to use Tax Increment Financing funds for this loan as well as $50,000 used when the city last year entered into a development agreement with the city for the project.  “The total is $250,000. That is made in two installments. We made one installment here last fiscal year, and then we are anticipating the project will be done in the spring, we’ll make the final one before the end of this fiscal year here.”

Widman says the Lake Theatre is moving forward with a $2.4 million major renovation project.  “Pretty much completely new on the inside, first and second level. New facade on the outside. I know they are also looking at doing some roof improvements, I think they have some leaks in the roof. It’s a big high-dollar project, but really needed. The two buildings on each side of them have been renovated within the last few years, so it would just be really neat to see this one renovated as well and continue that staple in our business district downtown here.”

The council also set a public hearing for their November 17th meeting on a tax rebate for CRJ Properties LLC for building renovations located at 2 North 4th Street. That would allow for a six-year, 90% tax rebate not to exceed $75,000 for that project.