A proposal by the Fayetteville Downtown Development Authority to have the city back a loan so DDA can purchase the former dress shop at Lanier Avenue and Glynn Street for re-sale was approved April 17 by the City Council on a 3-2 vote.
The DDA proposal requested that the city serve as a loan guarantor to buy the space on the old courthouse square for re-sale for retail or restaurant use.
Community Development Director Brian Wismer said DDA has sought financing from Regions Bank for 80 percent of the $179,000 purchase price of the 1,700 sq. ft. building. Read More»