City officials have agreed to give a developer a low-interest, $381,000 loan to turn a mostly abandoned 1903 building into a commercial center.
The developer of the project, renovation of the Masonic Temple at 228 Pine Ave., is eligible for a federal commercial rehabilitation loan because it will result in about 90 new jobs and restore a deteriorating building, said James Garcia, city economic development specialist.
Such loans are funded by the Department of Housing and Urban Development. The 15-year loan to owner-developer Lloyd Ikerd will be at 7% interest.
Ikerd intends to build shops and offices in the gabled brick building, which on Tuesday was designated a local historic landmark by a unanimous vote of the City Council.