Due to a lack of return on City investments into the Business Assistance Program since 2006, the Greenfield City Council has unanimously voted to modify the program's guidelines.

The Greenfield Redevelopment and Housing Department proposed the updated guidelines to City Council members during the general session meeting on Feb. 9. These guidelines are now designed to minimize risk to City resources.

The Business Assistance Program (BAP) guidelines were first approved on July 18, 2006. Since then, the return on City investments has been non-existent and the targeted employment goals have not been achieved.

“These new guidelines will hopefully increase benefits the City sees from investments into local businesses,” said Greenfield Redevelopment and Housing Department Director Paul Mugan. “We now have the program set-up so that the business shares in the investment and the risk with the City.”

The BAP allows the City of Greenfield to provide grants or loans to local businesses for various projects, usually with an emphasis on physical improvements. Typical projects include new awnings, paint, roofing, building renovations, equipment and inventory.

It is funded through Greenfield resident property taxes. A total of $200,000 is available for qualifying projects per year.

Depending on the project, the BAP provides capital on a loan or grant basis. The new guidelines state, however, that now the business owner must provide 25 percent of the total project cost, and the City will fund the remaining 75 percent.



For the complete article see the 02-17-2010 issue.

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