The City had to overcome some negative perceptions about the downtown area. At first it was difficult to get banks to participate in the program by investing in downtown Bryan. Now that business developers and banks are interested in investing in the downtown area, the City's loan program has become more complex and multifaceted. The City recently made a Section 108 loan to a developer to convert a blighted old boarded up hospital into very much needed housing for university students. The New Horizon Center has been open for a year and is 95 percent occupied.
Staff development is essential.
Staff must be extremely knowledgeable about economic development. Every attempt should be made to utilize all available community resources, because costs can escalate. Some costs are not anticipated in the beginning and thus are not accounted for in the budget. It is important to provide conservative estimates of the number of jobs expected to be created.