The Hull Redevelopment Authority announced this month that it has forgiven the remainder of a loan granted to the Paragon Carousel in 1996. The loan was initially $150,000, but over the past 26 years of the loan, the Friends of the Paragon Carousel have far exceeded the original principal amount.
HRA Treasurer James Tobin, in a statement after the HRA vote to forgive the remainder of the loan, said: “The entire board understands the hard times the carousel has gone through, particularly with the closure necessitated by the pandemic. Forgiving the remainder of the loan will help them get back on their feet.
“This means they now have the great ability to reinvest into the long-term success of the carousel and restore it to its original beauty, which will enrich our community, our lives, and the lives of future generations.”
Noting that the carousel has been an iconic part of Hull for nearly a century, Tobin said, “We would like to keep it going.”
The HRA, established in 1961, has over the years been a supporter of many local organizations in an effort to enable the town to achieve its goals and maintain a high standard of life for residents, contributing a total of up to $3 million, which includes a yearly payment in lieu of taxes of $65,000. The town also receives $9,000 a year in licensing fees for the HRA parking lots.
Other contributions in previous years have included: $10,000 for the Paragon Art Walk; $5,848 for anti-graffiti paint for Fort Revere; $40,000 for improvements to the War Memorial, $20,000 for an asphalt repair for Nantasket Avenue; $10,000 for the renovation of the reception area of the Hull Public Library; $250,000 for engineering and design work for the Surfside rehabilitation; $47,000 to challenge the FEMA flood maps, which led to a reduction in flood insurance for hundreds of town residences; and $13,000 to lease the Seaside Shuttle bus, connecting Pemberton Pier to Nantasket Junction, for the 2021 summer season.
Visit www.HRA02045.com for more information about the Hull Redevelopment Authority.