ALBANY, GA (WALB) - City commissioners believe they may have a major part of what's needed to jump start downtown development.
On Tuesday, commissioners approved a plan that could make millions available to entrepreneurs willing to take a chance.
The plan they approved is a revolving loan fund. It aims to encourage development in downtown Albany.
According to the agreement, the city will use funds up to $5 million in reimbursements from the Municipal Electric Authority of Georgia.
"There are opportunities that are on the table that if we don't strike while the iron is hot, we are going to lose those opportunities," said City Manager Sharon Subadan. "So it's critical with any kind of economic development or redevelopment that you're kind of ready to play the game. You can't be lagging behind because the opportunities will go to other places."
Subadan would not elaborate, however, on what specific opportunities were on the table.
Any potential deals must be checked out by the City Manager's office and approved by the city commission.
Subadan also said the amount of money for any individual project will depend on the structure of the deal.