Community Improvement Plan to help new restaurant in Smiths Falls
At Monday’s committee of the whole meeting for Smiths Falls town council, a community improvement loan applicant got a lot more than he asked for.
Ummed Singh originally applied for a $25K interest free loan under the town’s community improvement plan (CIP) to help finance the restoration of a former fast-food outlet at 21 Main Street East to transform it into a full-service restaurant.
Singh already owns and operates a restaurant in Carleton Place. This application was approved by the town’s CIP evaluation committee.
His total project costs were pegged at over $122K, a figure which made his works eligible for up to $40K from the CIP funds.
Council’s committee of the whole decided that the need for $40K was justified and met the fund’s mandates and would still leave $25K in the town’s CIP reserves for any other applications this year.
They approved the loan, a decision which will go to the next full council meeting for ratification.