In response to the damage caused in Magna by the 5.7 magnitude earthquake that struck on March 18, the Salt Lake County Redevelopment Agency has created the Magna Main Street Revolving Loan Fund. The agency transferred $569,835 into a fund and began accepting applications from Magna businesses and citizens.
Sites absorbing the brunt of damage have been identified and assessed by the State Historic Preservation Office. This includes 24 buildings along Magna’s Main Street, where damage was visible immediately following the disaster. In order to provide residents and businesses urgent access to resources to rebuild, repair and restore in the aftermath, the Salt Lake County RDA has partnered with Preservation Utah to manage the fund and connect eligible residents with the aid relief.
“We heard and felt the concern from Magna businesses and residents after the earthquake and immediately knew we had to find a way to help those who were most impacted, not just by the health emergency but then also by a natural disaster,” said RDA director Blake Thomas. “The conversion and transfer of this fund to Preservation Utah allows us to act more swiftly in response to disaster victims’ critical needs and uplift Magna for decades to come.”
All structures in the project area on Main Street are eligible to apply. Funds can be used for restoration, rehabilitation, repair, acquisition and project fees tied to earthquake damage on exteriors, as well as interiors.
“At the root of this effort you have people at Salt Lake County and at my organization who care deeply about Magna, who recognize that Magna’s Main Street is a Utah treasure, and who are willing to partner to ensure that this treasure is not only restored but continues to shine for decades to come,” said David Amott, interim executive director of Preservation Utah.
“In my over 20 years of working with government agencies on community projects, the work Salt Lake County did with all of the working groups and taxing entities to make this funding available is the fastest I have ever seen,” said Magna Mayor Dan Peay. “In these challenging times, it is to the credit to all who have worked on this that we are able to announce this today. On behalf of Magna, I would like to express my thanks to Salt Lake County, Preservation Utah, the Utah State Historic Preservation Office, the Utah Film Commission and the Greater Salt Lake Municipal Services District. Magna looks forward to participating as a part of this team effort to help rebuild Magna Main Street.”
According to Amott, loan terms are up to five years with an interest rate that is one-half of prime at the time the loan is approved — currently approximately 1.625. Work must be completed within one year of disbursement. Eligible property types include owner-occupied residential, residential rental, commercial and mixed-use buildings.