College Station city council members have approved allowing staff to review a more than $2 million dollar loan application from a non profit agency that works with 18 to 25 year olds who age out of the foster care system.
Unlimited Potential (UP) wants to borrow the money from a city administered federal grant to buy a former nursing home on Anderson Street south of Holleman.
50 nursing home units would be converted to 25 apartments for temporary housing.
Unlimited Potential spokespeople told the council the revenue to repay the loan would come from government housing vouchers and possibly revenue producing programs.
The amount of loan depends on how much is raised in a capital campaign.
The property would also remodeled to offer training and possibly generate revenue producing programs.
The application process would determine how much if any of the property and buildings would remain on the tax rolls.
Click HERE to read and download background information from the city of College Station.
Click below for comments from the May 13, 2021 College Station city council meeting. Speakers include city of College Station community development director Debbie Eller, councilman John Nichols, Unlimited Potential supporter and retired director of the Brazos Valley Council of Governments Tom Wilkinson, and Unlimited Potential spokeswoman Jacque Flagg.
