Fort Worth’s Local Development Corporation on Tuesday approved $250,000 in grants for five small businesses impacted by the Jan. 8 explosion at the Sandman Signature Fort Worth Downtown Hotel.
Each can apply for up to $50,000.
The decision was made at the recommendation of the city’s Economic Development Department.
“This is just something that the Economic Development Department wanted to initiate and hopefully help out some of these businesses,” said Ori Fernandez, assistant director of the Economic Development Department, who presented the program at a board meeting of the LDC on Tuesday.
The LDC’s board is comprised of Mayor Mattie Parker and her City Council colleagues. The LDC, formed through state statute, is designed to stimulate economic growth, create jobs, and attract investment. It was formed in 1987.
The LDC is funded predominantly by the proceeds from the previous sale of city-owned land, most notably property along Blue Mound Road in 2021 and Pinnacle Bank Place in 2018, according to a spokesperson with the city.
The eligible businesses are on Eighth Street, between Throckmorton and Houston streets, on the south side of the hotel. The street has been closed since the explosion and is expected to remain so for several more weeks for repairs. In meetings with city staff, those owners noted their challenges since the incident. The businesses also must be registered with the Texas Comptroller's Office at taxpayers to the city of Fort Worth.
By statute, the businesses can enter a “Chapter 380” economic development agreement with the LDC after meeting certain stipulations. They then have six months to provide receipts of how they expended the funds on program-eligible expenses.
The grant can be used for such things as rent or mortgage, employee support, utilities, supplies or other approved business needs.
A total of 21 were reported injured in the January explosion, which blew a hole in the southwest side of the Sandman Signature hotel, which sustained significant damage. Much of the damage occurred in the first floor, basement, and subbasement.
