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Published May 01 2012

Gate City puts $2 million more into revitalization loans

FARGO – While new developments expand the city’s footprint, community leaders are reaffirming their pledge to keep up Fargo’s core neighborhoods.

Gate City Bank is investing another $2 million into Fargo’s Neighborhood Revitalization Initiative, city and bank officials announced Tuesday.

Gate City Bank has already contributed more than $6 million in low-interest loans to the revitalization effort. Those dollars have helped residents pay for home improvements in more than 275 homes since 2003.

“Everyone talks about expansion, but the center of our city is very important,” Fargo Mayor Dennis Walaker said.

Gate City Bank is offering qualifying residents 10-year loans at below-market interest rates, President and CEO Steve Swiontek said.

On average, home values on properties that were improved under the revitalization effort have appreciated by 32 percent, Swiontek said.

Older homes that are eligible for the loan program lie in the area roughly bounded by 28th Avenue North, Interstate 94, the Red River and, on the west, by a line that varies from University Drive to 25th Street, including the Madison neighborhood.

The low-interest loans are just one part of Fargo’s Neighborhood Revitalization Initiative, Fargo senior planner Dan Mahli said.

The effort also includes collaborations with neighborhood associations and residents and financial assistance in paying for special assessments.

Readers can reach Forum reporter Kristen Daum at (701) 241-5541

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