Lake 88.1 Perth Logo - Today's Local Radio

Local News

Community Improvement Plan to help new restaurant in Smiths Falls

by | Sep 14, 2021 | Local News | 0 comments

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.

Like and Share This Story!

0 Comments

In Focus Sidebar on Lake 88

Copyright © 2021 Lake 88. All rights reserved.

 

Social media & sharing icons powered by UltimatelySocial