This week, the city council is expected to decide whether to lend the partnership $1.1 million from Tacoma's Community Development Block Grant funds. If OK'd, Albers will use the money to help buy the building and assist with the historic preservation costs.
The block grant program allows the city to use allocated funds that haven't been spent for eligible activities. The city will lend these funds for 30 months at an interest rate of 2%. The interest would go back into City coffers to help fund other eligible CDBG economic development activities. Meanwhile, Albers Mill, LLC has secured an irrevocable letter of credit from KeyBank of Alaska guaranteeing the loan, which protects the city from default and ensures the city can get the funds if it needs them during the loan period.
Council approval of the measure would amend the 2001 Consolidated Plan for Housing and Community Development. The City Council approved an amended purchase and sale agreement and designated Albers Brothers Mill as a historic landmark Aug. 13.
Albers Mill stands at 1821 Dock St., adjacent to the Bridge of Glass by Dale Chihuly and the Museum of Glass. The rehabbed building will also include a modern addition on the east side, which faces the water.
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