Greater Spring Lake Chamber of Commerce – 4th Qtr. Economic Development Update

The 4th Quarterly Economic Development Report from the Greater Spring Lake Chamber of Commerce was presented at the June 22nd Spring Lake Board of Alderman.

Click for complete report….http://www.spring-lake.org/archived-minutes.html

The following talking points are from Jeffrey Hunt, President and CEO

  • Negotiated the sale remaining acreage in the Spring Lake Business and Industrial Park, including exit of Grant Murray contract and early payment of $300,000
  • Brought USDA State Director, Randy Gore to talk to the Board of Alderman about qualifying for certain USDA programs
  •  Funding from USDA loans could be used for public facilities, public safety and educational services

USDA Business and Industry Program

  • This program bolsters the existing private credit structure through the guaranteeing of loans for rural businesses allowing private lenders to extend more credit than they would typically be able to do
  • For profit businesses, nonprofits and cooperatives, federally recognized Tribes and public bodies are eligible to make a lender request
  • Exemptions that we might help secure next to and across the street from IHOP and a 77 acre parcel located north of east Manchester Rd. on Highway 210
  • Funds can be used for business conversion, enlargement, repair, modernization or development
  • Funds can be used for purchase and development of land, easements, rights of way, buildings or facilities
  • Funds can be used for purchase of equipment, leasehold improvements, machinery, supplies or inventory
  • Debt refinancing when new jobs will be created
  • Business and industrial acquisitions when the loan will keep the business from closing or/save or create jobs

Possible uses of the Business and Industry program

IHOP area to include Perry mobile Home Park

  • The entire concept of the Spring Lake Town River Walk to include:  a movie theater, grocery store and other retail as proposed by the Jordan group and Grant-Murray are eligible for the loan guarantee program

77 Acre Tract of Land off of 210

  • The proposed entertainment complex to include an amphitheater, botanical garden with conference space and other out parcel development

Main Street

  • Town funded the design and survey plans that will potential lead to increased funding for street scape improvements
  • Town to apply for CBDG grant through Cumberland County Community Development for the elimination of blight
  • NEW businesses on Main Street – Korean restaurant, Country Fish Fry
  • Construction of the overpass, berm, traffic circle and new side walks to Lake Street is scheduled to be completed by 2015

Other:

  • Land is being cleared for a new Courtyard Marriott
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