By DAVID LOPEZ
On Tuesday, Commissioners approved various rent subsidies for local businesses totaling $30,012.50 as part of the Economic Development Corporation’s COVID-19 Emergency Rent Subsidy program.
EDC Executive Director Rebecca Castillo said the EDC had allocated $100,000 in funds for the program to help local business cushion the blow of the pandemic.
The following businesses were approved for their respective aid: Fresh Cut for $1,912.50; Body Soul & Nutrition for $3,600; Arkham Comics for $2,250; Gulf Second Hand Store for $5,000; Cantu Fresh Seafood for $2,250; Armenia Music Academy for $3,000; Mainstreet Boutique for $2,250; Vida Nueva Creations for $3,000; Uniforms Etc. for $2,250; and Sweet Deli & More for $4,500.
In other news, Commissioners also approved the issuance of Certificates of Obligation for 2020 for wastewater improvements.
Don Gonzalez of Estrada Hinojosa & Company, Inc., who are serving as financial advisors to the City, explained that the interest rate of 0.72 for the certificates of obligation is in the 97 and 99 percent of all-time lows since the year 2000.
Gonzales presented the Certificates of obligation totaling $8.9 million, with $7 million reserved for renovation and construction on the lift stations and $1 million for utility system improvements.
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