HB 14-1093 Summary

• Creates the Creative District Community Loan Fund in the state treasury to support development projects within state-certified creative districts and candidate districts.

• Authorizes the Division to make loans or loan guarantees up to $250,000 per project for commercial real estate, mixed-use projects, community facilities, and infrastructure improvements such as sidewalks and signage.

• Requires matching funds or in-kind contributions from one or more public or private entities equal to at least three times the amount loaned from the fund.

• Division may retain up to 8 percent of annual fund moneys to cover administrative costs, with unexpended funds carrying forward to the next fiscal year.

• Appropriates $100,000 from the general fund to the Creative District Community Loan Fund for fiscal year 2014-2015, with the Office of Economic Development required to report annually on all loans and loan guarantees made.