BOUNTIFUL -- A project to build a new two-story building for a dance school on Main Street has been given an additional $100,000 boost, thanks to a loan modification recently approved by the city's Redevelopment Agency.
In a recent meeting, the RDA approved an amendment to its existing loan with Creative Arts Academy at 165 South Main Street, which will bump the amount loaned from $500,000 to $600,000.
The approval allows the business, which was impacted by fire in August of this year, to rebuild.
Sean Monson, representing the arts academy and Bountiful Historic Theater, requested the amendment with an increase in the amount being loaned.
The academy was originally located in two adjacent buildings and after the four-alarm fire damaged and led to the demolition of one of those buildings, some of the academy's classes were moved to rental locations including the old Stoker School.
Academy organizers pursued and were approved for a $500,000 loan in September of this year.
Aric Jensen, director of planning and economic development for the city, said the upside of the amendment is it accelerates the repayment of principal over a 10-year period, even though the loan amount is greater than originally approved.
He said the additional funds allow Monson to not have to take out an additional commercial loan to cover the gap between the fire insurance proceeds and the RDA loan.
Construction is expected to begin soon, as officials hope to move from their rental locations into the new structure by January or February of 2012.
The project gives new life to a facility on Main Street, which touts itself as one of the largest dance studio facilities in the state. There will be at least eight studios in the facility and floors in the facilities will feature "sprung" floors to lessen the impact on dancers' joints, according to a website for the academy.