2005 Section 108 Project Summary - Georgia

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Economic Development

Business Improvement Loan Fund
BORROWER: Savannah
STATE: GA
SECTION 108 LOAN GUARANTEE AMOUNT: $1,000,000

Savannah will use its Section 108 Guaranteed Loan proceeds to combine with $2 million in previously approved Section 108 Loan Guarantee financing to 1) provide $1 million to capitalize the City’s Martin Luther King, Jr. Revolving Loan Fund, which will provide loans to approximately 25 small business start-ups and expansions; 2) fund $1 million for the start-up of The Entrepreneurial Center, including converting a blighted, former fire station into a business support services facility which will assist approximately 250 inner-city residents to develop and sustain micro and small neighborhood businesses; and 3) use $1 million to capitalize a Business Improvement Loan Fund for financing to assist commercial property owners and others to rehabilitate commercial buildings within the City’s Community Development Block Grant target area.

These lending activities will cause the creation of approximately 130 new jobs of which, at least 51% will benefit low and moderate-income persons.

Partridge Inn Project
BORROWER: AUGUSTA
STATE: GA
SECTION 108 LOAN GUARANTEE AMOUNT: $2,500,000

Augusta will use the Section 108 Guaranteed Loan to make a loan to Walton Way Hotel, LLC , the Developer, to assist in financing the renovation of the historically registered Partridge Inn, in the City’s historic Summerville neighborhood. The hotel was built in 1861. Renovations will consist of remodeling of the guestrooms, replacement of walls in the Hotel’s interior, and enhancement of the Hotel’s exterior architecture and façade.

The Developer will reduce the number of hotel’ guestrooms from 156 to 132, in order to enhance the size of each guestroom. The City expects that the newly renovated Partridge Inn will cause the creation of 53 permanent full-time jobs, 51% of which will benefit low and moderate-income persons.