LAC LA BICHE - With the new $16 million infrastructure makeover expected to transform the utilities and streetscape of Lac La Biche’s Main Street over the next two years, municipal officials are now constructing a plan to help upgrade store-fronts.
The Business Improvement Program is hoped to include new and current owners with grant funding to improve the facades of downtown businesses. The concept intends to support businesses financially to enhance their store-fronts and complete interior upgrades. The goal, say municipal officials and local partners, is to create a totally new look for the downtown area and county businesses.
The program was presented to Lac La Biche County councillors recently by the county’s new economic development director John Andersen in partnership with Community Futures Lac La Biche. The initial idea offered loans that would trigger municipal grants to a maximum of $2,000.
The granted portion would be 20 per cent of the project total to a maximum of $2,000, however, the loan could be for a larger amount at CFLLB’s discretion, said Andersen.
The grant program proposed will run on a first come first serve basis capping out at $100,00 per year for three years with an interest rate of $560 - over three years - for every $8,000 borrowed subject to change as interest rates fluctuate, said Anderson.
“An Administration fee would be provided to CFLLB in the amount of 4.45% of the first $8,000 of each grant approved loan disbursed. This Administration amount would be reviewed annually,” notes the supporting documents.
Not enough
Municipal councillors like the idea of the funding, but want to see more funds available, and a plan that wasn’t hinged on a Community Futures loan.
The proposed amount wouldn’t address enough support to local businesses on the county's behalf while creating a barrier with credit applications, said Coun. Lorin Tkachuk.
“Personally, I don’t think that the $2,000 grant has us - as the county - come to the plate enough. I would like to see it at a $5,000 grant to the businesses…I would like to make sure that we’re not forcing anybody to take a loan to be able to access grant funding. I think the grant funding should be open to anybody if they’ve done prudent planning and they have money in the bank to be able to come to the plate to do it.”
While the proposed plan also caps out loans at $100,00 per year on a first come first serve basis, said Tkachuk, requested provisions be applied to encourage more applicants to receive financial support - as they would be adding to the revitalization of the community.
“I'm willing to invest big - if we need to - in this program and keep it going for years. If we see good improvement, we’ll keep using the program,” he said.
Moving forward
Revisions to the plan are required, with options that discuss the maximum percentage of grants, and options that aren’t contingent on loans. Administration and partnering groups will also return with what rules and regulations will be allowed for business redesigns and what groups will be consulted on how the Main Street Revitalization Project and Business Improvement Program will complement each other.
The County’s vision for the success of the Main Street Project requires a large role from businesses, said Coun. Charlyn Moore.
“It was intended to bring value into Main Street while we renovate it… It’s to say; ‘While we renovate Main Street also please renovate your business.’ Let’s bring together a community and Main Street that tourists and residents alike prefer to utilize.”
Further discussion on the business frontage funding plan will be brought back for public discussion early in the new year.
The next Lac La Biche County Council meeting is on Jan. 25.
