CHARLESTON, W.Va. -- Charleston Urban Renewal Authority board members want to continue lending money to developers to fix up CURA-owned property.

But they're struggling to write a formal policy for making such loans.

Board members wrestled with terms of a draft loan policy Wednesday morning but put off any decisions on the issue for another month. CURA Chairman Jack Cavender drafted the policy last year after the Rev. Matthew Watts asked the board to renew an earlier loan for a project on the West Side.

"After we received a request from the Rev. Watts, it was mentioned we don't have a loan policy, and should we even make loans," Cavender said at the December CURA meeting.

CURA board member Karen Haddad said the policy seems overly restrictive. The policy says, "It is not CURA's mission to utilize its assets to fund speculative projects, projects where the borrower can obtain financing from an established commercial financing institution, and/or compete with established financial institutions in the marketplace."

"It seems the definition is very, very tight, very narrow," Haddad said. "It's kind of penalizing someone who could obtain financing but might need [extra] assistance.

"I understand we're not trying to get in a bidding war with a bank to get a lower rate, but I can't think of anyone who would be eligible," she said. "I don't want too many hoops to jump through."

CURA Director Jim Edwards said the target may be projects that are not completely speculative but ineligible for commercial financing.

Board member Lew Tyree, a former employee of the state Housing Development Fund, said a developer might want to renovate a building but can't meet all the standards of a commercial lender.

"With the Housing Fund, we'd ask for three denials from commercial lenders. We'd make sure it's feasible and verify we're not competing with commercial lenders."

Edwards said he'll revise the loan policy before CURA's April meeting.

In other business Wednesday, CURA board members:

| Agreed to lease a CURA-owned storefront at 702 Quarrier St. to Ann Saville and Charleston Brewing Co. for the brewpub Saville is building there.

CURA had to advertise the space for rent, Edwards said. Saville was the only person who responded.

Saville said workers have finished installing the brewing equipment and she'll start brewing the first batch of beer this weekend. She hopes to open the brewpub in early April.

| Learned construction on the long-awaited East End park near Dixie and Nancy streets is about to start. "Monday, the 25th, the contractor will be at the site," Edwards said, "so we'll actually see dirt moving by the end of the month."

| Were encouraged to pay more of the cost, if needed, of a survey of properties in the East End as part of an effort to expand the neighborhood's historic district.

Board members in October agreed to spend up to $12,000 to match a grant that city planners hoped to obtain from the state for the survey. The city's Planning Department, along with East End groups, hope to add the area from Washington Street north to Piedmont Road, between Morris and Greenbrier streets to the existing historic district.

Edwards said the State Historic Preservation Office approved only half the requested grant -- $14,000 instead of $28,000.

"My recommendation is to solicit proposals and see what the survey will cost." Edwards said he'll ask CURA to make up any cost difference.

"I feel very strongly that a historic district be established. It's fundamental for stimulating investment," he said. "For a small amount of money it can have a significant impact."

Lori Brannon of the Planning Department, who's coordinating the project, said properties in the expanded district -- if approved -- would not be subject to the design review restrictions in effect in the existing East End Historic District. However, owners and developers would be eligible for tax credits.

Reach Jim Balow at ba...@wvgazette.com or 304-348-5102.