TROY — The personnel committee will provide a positive recommendation to council to appoint the director of Service and Safety and the city auditor to the board of directors of a new non-profit organization called the Troy Reinvestment Fund.
On Monday, Director of Public Service and Safety Patrick Titterington explained how the Troy Reinvestment Fund (TRF) would be formed to revitalize the city’s downtown as well as other possible community projects.
Prior to recommendation, Chairman Todd Severt emphasized the request does not involve any city funding or money being spent, and the recommendation is to appoint Titterington and City Auditor John Frigge to serve on the board of TRF.
“The primary purpose of this particular group would be to facilitate reinvestment primarily in the downtown, but it could have a community-wide application,” Titterington said. “It would be to provide many of the benefits we as a city offer through our revolving loan funds, but with far fewer strings attached because it would be a separate non-profit organization.”
Titterington said other communities like Hamilton have formed reinvestment fund groups to revitalize property.
Titterington said the TRF would eliminate “red tape” to complete projects using a combination of public funds through the city’s revolving loan fund and private contributions through organizations such as the Troy Foundation. Private groups could also contribute to the funds and projects of the TRF.
Titterington said other parties besides himself and City Auditor John Frigge would be Mike Twiss, Mike Earhart and Doug Lins. Titterington said the group has received approval from the state and in the process of obtaining a 501(c)(3) status.
Council member Tom Kendall asked how many people would be involved in the group. Titterington said as the project lists grow, more parties could be added to the board.
Kendall said he felt comfortable with the appointments being made, but would like more information as the organization is formed on how the city’s funds would be utilized within the TRF. Titterington said council would be updated on the process and council approval would be needed before city funds would be allocated to the group.
Council member Bill Lutz asked how the new TRF differs from the Community Improvement Corp. Titterington explained the CIC isn’t a revolving loan fund, but an economic development corporation that is an arm of the city to hold property, enter into contracts on the city’s behalf.
At the end of the meeting, Kendall said he would recommend the appointments of Titterington and Frigge to the committee, but added, “Once we start talking money, I guess I’ll reach to you, Mr. Titterington, once you’ve done some more work before you come to us.”
Committee chair Todd Severt said he concurred with Kendall’s comments.
“At this stage, there’s no reason not to be part of the process, but I do think part of the process involves a stringent eye towards city involvement … but it’s worth a shot at this stage, so let’s see how it goes,” Severt said.
The resolution seeks an emergency legislation due to filing of organization.
Council will meet at 7 p.m. Tuesday, Feb. 19, at City Hall due to the President’s Day holiday.