TROY — Troy City Council will review a loan assignment request for the downtown Dye Building during its regular meeting at 7 p.m. Monday at City Hall.
The finance committee recommended to transfer the 2007 CDBG loan to Medallion Investments, LLC to Steve Smith and Melanie Elsass-Smith. The 2007 loan was for the purchase and renovation of the Dye Building. The outstanding principal balance is $296,096.32. The Smiths would assume the loan with some modification of the conditions to lengthen the repayment terms. At the time of the closing the City would be paid all late penalties due, and no City funds would be lost with the assignment of the loan. As part of the agreement, a new renovation phase of two years for a third story occupancy has been requested. Another amendment of the loan agreement requests a monthly interest-only payments during the two years of renovation. The 30-year loan repayment plus interest would resume following the two year renovation phase.
According to the finance committee report, Medallion Investments defaulted on the loan in June 2016. The Smiths are in the process of purchasing the building. They are the owners of The Caroline restaurant. Emergency legislation is being requested for the Smiths to close on the loan next month.
The following resolutions will also be considered:
R-39-2017 Public Defender Agreement for 2018, $20,341
R-40-2017 Accept Tax Levies for both Troy School District and Miami East School District
R-41-2017, R-42-2017, R-43-2017 Wilson Annexation of 33.3712 acres on Washington Road
R-44-2017 Report of Assessment Equalization Board related to sidewalk estimated assessment for the North market Street Improvement Project, Phase II
The following ordinance will be considered:
O-24-2017 Rezoning of 93 Robinhood Lane from R-4 Single Family Residential District to Office Residential District PUBLIC HEARING Oct. 2.
PARKING AND TRAFFIC STUDY WORKSHOP SESSION
Troy City Council will meet at 7 p.m. Tuesday, Sept. 19 at the Bravo Room at Hobart Arena for a presentation and discussion regarding downtown parking and traffic report.
The meeting will be chaired by Council President Marty Baker. The meeting is open to the public.
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