Senior staff writer
The Beech Grove City Council wants the once-promising Main Street Revolving Loan Program dormant.
The city-backed program was approved during Mayor Joe Wright’s administration to provide low-interest loans to help attract and keep businesses on Main Street. However, councilors under Mayor Dennis Buckley’s administration consider the program as cumbersome and ineffective.
The city has not made any loans since Jan. 1, 2012, but previously sent letters to businesses that had defaulted or were behind in payments.
The council also seeks to transfer any funds in the dormant account to the city’s rainy day fund through another proposal.
Councilors unanimously advanced each ordinance pertaining to the loan program to final reading March 7.
They also advanced rate increases for out-of-city runs by Fire Department ambulances and licensing requirements for food vehicle and cart vendors to final reading next month.
The council also introduced an ordinance that revises the city’s abandoned vehicle laws. The owner must remove the vehicle within 72 hours or it will be removed, impounded and disposed of by the city. Such vehicles shall be tagged by the police or compliance department.
A proposed ordinance calls for licensing of pawn shops or pawn brokers with an annual fee of $320.