City Granted Loan for Downtown Revamping

Officials in Novato are excited about the Christmas present they got during a visit to the state Capitol.

A state banking committee approved a low-interest loan of as much as $4 million to help finance downtown revitalization.

A group of city officials, including City Manager Rod Wood, traveled to Sacramento last week to pitch the loan to the Infrastructure Economic Development Bank. The bank is a state body that lends money to public entities to stimulate economic growth.

“They came back happy campers,” said Glenn Young, acting division engineer, who is heading up the Grant Avenue project. “This is a major funding source for this project.”