- Salt Lake City approved some aid measures for the fire-damaged Main Street businesses.
- The city is proposing additional loans with 0% interest for the first two years.
- Additional initiatives include an emergency loan fund and employee rental assistance program.
SALT LAKE CITY — Salt Lake City leaders took their first steps to help rebuild the four Main Street businesses damaged by fire — Whiskey Street, White Horse, Los Tapatios and London Belle.
An emergency loan fund, $600,000 total, which was approved on Tuesday, would provide up to $100,000 per business for short-term support.
"That would go towards the continuing operation of the business in whatever location in Salt Lake City," Chris Wharton, city council chairman, said.
The terms include no-interest loans with a five-year repayment period. The City Council also approved funding for safety barricades along Main Street that will allow for better pedestrian flow around the damaged buildings.
The third initiative is a Main Street Employee Rental Assistance Program, though the vote was postponed for another day. The Downtown Alliance has raised nearly $500,000 to help the hundreds of employees impacted by the fire. The City Council's measure provide additional aid.
"The impact is felt throughout our downtown and that's why we need to move so quickly to respond," Wharton said.
The City Council held a public hearing on a budget amendment before the votes. They also discussed the Community Reinvestment Agency Disaster Relief Loan Program and appropriations, which could be voted on next month. The loan program would re-allocate $5 million from existing funds, $1.6 million from the Central Business District Fund and $3.4 million from the Revolving Loan Fund.
"So each business could apply for up to a million, and their requirements would just be that it needs to go towards rebuilding the businesses on Main Street at the locations on Main Street," Wharton said.
The terms include 0% interest and no payments for the first two years; 2% for the remainder of the term or three-year term, extendable to five years at a 5% interest rate.
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City questions $1M loans, more aid for Main Street businesses
Salt Lake City might not be done looking at ways to help rebuild the businesses lost in last month's Main Street fire.The rental assistance program may also be considered next month.
"That would go towards renters that were employees of those businesses and would help them with rental assistance," Wharton said.
To qualify, applicants must rent in Salt Lake City, have a household income at or below 80% of the area median, and show they lost at least a quarter of their income because of the fire.
"These were great thriving businesses before, and we have every confidence that they are going to continue to be and so we hope the public will continue to come out and continue to support them," he said.
On Thursday, London Belle co-owner Frank Paulraj told KSL-TV the aid could be a lifeline.
"(It's) definitely going to help everybody, each individual, it's yet to see exactly how that will be distributed, but I'm sure it will be well-received, and you know, we're very grateful for it," Paulraj said.
Wharton said they expect a final vote during the first meeting in October.
