WACO -- As project funds continue to grow so does downtown Waco.
The Tax Increment Finance board approved funding for five new projects.
Chris McGowan, Developer of Urban Development, said this move is furthering the local economy.
"We're providing more jobs, creating more revenue for the city to provide more services to the citizens of Waco. It's great for everybody to have a thriving, downtown area," said McGowan.
With nearly a million dollars in funds these projects are in the development phase and surrounding businesses couldn't be happier.
Erin Plemons, manager of Pura Vida salon in downtown, said she hopes this will provide more business.
"We're hoping that it brings in more people, we have three different businesses in one. We have a spa, salon, a clothing store and a party room. So we're hoping with all of the people coming down here that that'll definitely help to bring us more business," said Plemons.
Plemons said the area is attracting more people.
"There's so much potential down here right now, for growth and there's so many fun things going on and there's a lot more people coming down to the area," said Plemons.
McGowan said three of the projects include residential buildings, which is an essential part to a flourishing downtown.
"I love it when people move downtown. Because that's what the, that's kinda the backbone of, of our progress. You know, if we have people we can support new, new businesses," said McGowan.
And Plemons has experienced just that. Some of her customers live downtown and enjoy the accessibility.
"There's some lofts just across the street and we've already gotten a ton of interest from them. People saying its so much more convenient that they don't have to get in a car and drive," said Plemons.
Also in the works, a renovation of a Waco ISD administration building and a three-level entertainment complex.