Downtown Economic Development Incentive Fund relaunches
BROOKINGS – The Downtown Brookings Business District Committee, a committee of the Brookings Area Chamber of Commerce, has relaunched the Downtown Economic Development Incentive Fund (DEDIF).
The purpose of the DEDIF Loan Program is to stimulate private investment in downtown Brookings by lending funds to downtown property owners for the purpose of exterior streetside real estate improvements, repairs and historical preservation.
The fund, created by the financial support of Lowes several years ago, was previously managed by the Downtown Brookings Inc. That downtown organization dissolved a couple of years ago, becoming a committee of the Chamber.
Recently this committee put together a subcommittee to manage the fund along with Program Manager and Downtown Director Ashley Biggar.
“We are ecstatic to revive this program to revitalize the streetscape of our historic downtown,” Biggar said. “The DEDIF subcommittee has worked diligently to put together a new look and easier application process to encourage more projects in downtown Brookings.”
The mission of DEDIF is to support the continued economic growth and enhancement of downtown Brookings. Operating as a revolving loan fund, the program will enable the continual reutilization of a single pool of money. As monthly loan payments are made, DEDIF funds will be recycled and reloaned to new loan applicants.
Eligibility for DEDIF assistance is based on location within the Downtown Brookings Business District, the financial strength and repayment ability of the applicant, the feasibility and economic viability of the project, and project conformity.