Economic Development DivisionLoan Guaranty Program Agreement • December 11th, 2008
The Mayor and city staff have received a request for financial assistance from a not-for-profit community development corporation group called the Urbana Development Group. The mission statement of the group is, “The Urbana Development Group is a not-for-profit agent of change whose purpose is to promote vibrant, economically diverse, and stable neighborhoods through the preservation and revitalization of our built environment and through controlled growth”. The main function of this group will be to purchase properties, primarily in West Urbana and Historic East Urbana, with the intention of rehabilitating those properties and marketing them for sale as single family homes. Through these efforts, the Urbana Development Group hopes to promote neighborhood stabilization, historic preservation, home ownership, and reinvestment in the community, which is consistent with the City of Urbana 2005 Comprehensive Plan. At the Committee of the Whole meeting on October 13, 2008, the Urbana City C
