The Muncie City Council has approved a $1 million loan for the nonprofit behind GearBox: Muncie. The Star-Press reports the loan, backed by Mayor Dennis Tyler in hopes of providing a spark for the entrepreneurship space, must be repaid by the end of the year.
The council was divided on the issue. The vote was 6-3, with two Republicans and one Democrat voting against the proposal. The interest-free loan is being funded by EDIT revenue.
Organizers are also interested in creating a network of housing options around the hub, which opened last month. Ball State University has provided grants to organizations interested in using the facility. During an interview last year on Inside INdiana Business Television, Sustainable Muncie Corp. Executive Director John Fallon said the name "conjures up a clear mental image and appeals to Millennials and younger people." You can see the interview by clicking here.
The hub is being developed in the former Midwest Towel/Cintas industrial building in downtown Muncie. During Monday’s meeting, the publication reports George and Frances Ball Foundation President Tom Bracken called the location an "eyesore," saying he believed organizers had chosen the wrong building for the project.
GearBox was included in the East Central Indiana Regional Cities pitch.