Downtown Business Incentives

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If you've considered buying or renovating a building in downtown Dothan, you may soon have a chance to follow through on that. City officials and banks throughout the community are coming up with a plan. That they hope will bring more businesses downtown.
It's still in the planning stages but the idea has already been born.

Dothan Mayor Pat Thomas tells News 4 the city is developing an incentive partnership where local banks will offer low-interest loans to anyone participating in downtown development.

Columbus Bank and Trust is the primary bank committing to the program so far and has promised to contribute $15 million to their effort.

However once plans get rolling, almost every bank within the community is expected to want to participate

Downtown Group Executive Dir. Cathy Cole said, "Banks, the city, organizations in the downtown historic district, potential building owners, present-day building owners--until we get everybody assembled and all working together, we really can't accomplish the goals of the historic district that we need to accomplish."

"The plan we will put together will make it easier to start a business in downtown Dothan. And that's our goal,” said Mayor Pat Thomas

City officials are hoping to have the downtown plan completed by October.

Then the loan program should be in place and ready for business by the end of this year.

City officials are also trying to develop another program which will help with giving the fronts of downtown buildings a face-lift in order to make them more marketable