Deadwood Hears First Reading of $ 1 Million HP Revolving Loan Program Supplement | Local News


DEADWOOD – When COVID-inspired casino closures took place in 2020, Deadwood took the reins of its historic preservation (HP) programs.

Now that the chaos has dissipated, city officials hope to resume programs in October, and on September 7, the Town of Deadwood Commission heard the first reading of an additional budget vote transferring $ 1 million from reserves to the HP revolving loan program.

“This is our second supplement for 2021,” said Jessicca McKeown, Deadwood City’s chief financial officer. “This allows HP to withdraw money from their accounts and transfer it to a revolving loan. The revolving loan is its own fund, but it does not have enough source of income, so it is subsidized by HP. This is something we wanted to do all year round, but just because of the uncertainty of COVID and what their spending was going to do, HP had to shut down the programs just to make sure the cash flow were correct. “

McKeown went on to say that Deadwood’s historic preservative, Kevin Kuchenbecker, has now received the state’s annual distribution of HP games, based on gaming devices.

“And now we feel comfortable going ahead and shifting that money and allocating it so that we can get our programs back on track,” McKeown said. “This is the first reading that we ask for your approval to pass this evening. “

The HP Revolving Loan Fund assists both residential and commercial loans for restoration or protection of historic integrity.

The second reading of the ordinance is scheduled for tonight’s municipal committee meeting.

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