City Council approves financial aid for downtown businesses
Wichita Falls city councilors took steps Tuesday to help a pair of downtown businesses.
Councilors designated the Petroleum Building at 726 Scott Avenue as a Reinvestment Zone in order to give the California developer a 10-year abatement on tax increases.
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Developer Will Kelty said his plan is to repurpose two of the floors of the former hotel into living spaces for college students.
"The plan is to gut the upper floors and re-do them as modern apartments," Kelty told councilors. He said those floors would contain 55 apartments. Kelty said getting the project funded has been a serious challenge.
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"I feel like we're really close to making this happen," he said.
Kelty has received historical designation for the Mid-Century Modern 10-story building and secured more than $13-million in bank funding for the project. The Wichita Falls Type 4B Sales Tax Corporation also agreed to provide $1 million for a fire suppression system.
Councilors also approved $133,000 to go to Kirk Laney for a fire suppression system for Picker's Universe, his antique and collectibles business at 1000 Indiana Avenue. The request was actually for an extension on a previously approved request because work was delayed because of COVID-19 and supply chain problems.
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Although they voted to approve Laney's request, councilors Bobby Whiteley, Jeff Browning and Larry Nelson scolded Laney for not attending the meeting. Councilor Steve Jackson voted against the request.
This article originally appeared on Wichita Falls Times Record News: City Council approves financial aid for downtown businesses
