Revitalization Loan Is Closer To Being Paid Off

city lynchburg logoThe Bluffwalk Center this week announced it has repaid $1.76 million to the city. The multi-million dollar downtown project funded by the city-sponsored loan was earmarked for the redevelopment of several riverfront buildings. The city considered the project an important aspect of the overall downtown revitalization plan, and took out a $3.2 million loan to support it. This is not the end of the Bluffwalk Center’s financial arrangement with the city. The News & Advance reports, both parties have updated their agreement. According to the article, the original loan still has another nine years on it, and the city likely will have to make partial payments toward it in the future. Meanwhile, the Center has committed to paying at least $100,000 per year toward the loan.

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