In August, the Jefferson City Council approved a few loans and grants to transform some downtown area buildings.

The first building was the former Homestead Bakery, at 121 East Lincoln Way, that is owned by Tim Heisterkamp of Journey Financial. City Administrator Scott Peterson says a $150,000 economic development agreement was approved for a ten year forgivable loan, along with a $134,733 facade grant. He points out the exterior will include transient windows on the front, while the mural on the east side will be removed, and two layers of brick will be replaced, along with uncovering the pre-existing windows.

The next economic development agreement was for Jen Badger who owns 104 East State Street and is planning to move her business, ShineOn Design/More Time, to that building when renovations are completed. Peterson says a $116,426 ten year forgivable loan was approved to help finish the improvements, which include the changes to the facade. He gives an overview of what this kind of forgivable loan means.

“When we talk about a forgivable loan that it’s a loan, but over a ten year period it is forgiven. So one tenth of the loan amount is forgiven for every year that they have completed the work and then remain in business.”

The final building that had an amendment to its original $150,000 forgivable loan was for 123 North Chestnut Street, the former Ace Hardware building that is owned by Amanda Bills and Addi Meyer. Peterson points out when the economic development agreement was previously approved by city council, the renovations to the main floor had not started yet, so the beginning date was changed to reflect this year. The facade will also be changed with larger transient windows, as the main floor becomes a restaurant.