Richmond Mayor Dwight C. Jones today will announce the first loan to help rehabilitate two properties in a proposed arts and culture district downtown.
The loan, to be made from a new citywide fund in partnership with a private developer and nonprofit lender, will be made for properties on Broad and Grace streets, according to Peter H. Chapman, deputy city administrative officer for economic and community development.
Chapman, in remarks to the Downtown Neighborhood Association on Tuesday night, said the mayor would reveal the details of the loan at a news conference today at 2 p.m. on East Broad Street.
After the association meeting, the mayor's office said the announcement will be made at 213 E. Broad St.
Michael Glass, managing partner of The Becca Group LLC, and William Skeen, chief credit officer of Virginia Community Capital, also will attend the announcement, along with CultureWorks President John Bryan.
Chapman said the loan would be the first for a property in ArtBusiness Richmond, a new district that would be designated under an ordinance pending before City Council. The district, as proposed, covers 68 blocks in downtown and Jackson Ward but is focused on the Broad and Grace street corridors between Belvidere and North 10th streets.
The district represents the city's effort to build on years of work by art galleries and other small businesses to create a vibrant art scene downtown. ArtBusiness would provide loans and technical assistance for projects to revitalize the area.
The $2 million loan program is one of several established by the Jones administration to help small businesses establish themselves.
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