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While at my CCIM Central Texas Chapter luncheon yesterday, Attorney Darryl Pruett, gave the “Legal Minute” on a little known loan program that most commercial real estate professionals might like to know about. The City of Austin’s Business Retention Enhancement (BRE) Loan can provide low interest loan funds up to $250,000 for qualifying owners, or tenants. I’ve included his information at the bottom of this post, and a link to the City Program.
Purpose:
The BRE Program is a City of Austin (“City”) economic development program in accordance with Chapter 380 of the Local Government Code to support re-establishing Congress Avenue and East 6th Street as retail and urban entertainment district destinations. The BRE Program is intended to provide low-interest loans for Eligible Costs to:
· Existing businesses located within the Eligible Area that are being displaced because of development, and
· Attract new businesses to the Eligible Area.
Goals:
The goals of the BRE Program are to:
· Improve the image of Congress Avenue and East 6th Street as destinations for the community, visitors and tourists.
· Enhance East 6th Street’s live music and entertainment district
· Stimulate private retail investment within the Eligible Area through property improvement, business development,
retention and expansion.
· Improve the quantity and quality of goods and services available within the Eligible Area.
· Create and retain jobs
Some Uses of Funds that Could Interest CRE Professionals Include:
· Tenant Finish Outs
· Building Façade Improvements
· Acquisition of Machinery & Equipment
Here is a link to the City’s program:
https://austintexas.gov/sites/default/files/files/EGRSO/081314_BRE_application_packet.pdf
Darryl W. Pruett
The Weichert Law Firm
3821 Juniper Trace, Suite 106
Austin, Texas 78738
(512) 263-2666 ext. 103
Fax: (512) 263-2698
darryl@weichertlaw.com
Jim Young, CCIM, Broker
West Point ‘94
11701 Bee Caves Road, Ste 250
Austin, TX 78738
Twitter: @jimyoungCRE
512-565-7509
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