He added that the application must be turned in by June 1st and a response is expected by September if the project in mind is deemed qualified.
Marquez stated that the City is looking at reviving their plans of constructing an economic incubator at the Riskind building in the downtown area after it had been changed by outgoing officials into a convention center type of idea.
It will now be brought back to the business incubator idea once again.
This project has been in the works for several years when Main Street Program Director Joe Cruz presented the idea and a study on the overall layout of what could be done.
The plans to use the Old Riskind building and renovate it to house offices, museum, at least two restaurants and other locations to spark foot traffic into the heart of downtown was embraced by the City Council but had been put on the back burner. Mr. Marquez and the Eagle Pass City Council discussed in detail what it would take to get this project going again and what would be the best option to assure that it would qualify for the grant funding available. “On May 7, EDA gave Notice of Funding Opportunity through the CARES Act to help communities prevent, prepare for, and respond to Coronavirus.
The Austin Regional Office (which covers EP) received a total amount of $238 million. On May 8th, The Economic Development Department reached out to the region's EDA representative to learn more of what this funding could cover.
Among different topics, the idea of the downtown incubator was discussed as means to help diversify markets by fostering different types of businesses,” said Marquez. “The project, as it was presented last year, places the project cost at $4.3 million.
The grant requires a 20% match, or the possibility of 10% if the City can show proof that the City has exhausted or does not have the ability to issue more debt through means of bonds.
These options place the project cost to the city at $870,000 or $436,000, respectively.” The Eagle Pass City Council agreed to allow for the application process to move forward and will be looking at marrying old and new ideas to assure that if the Economic Development incubator does become a reality, it does work.