TROY — At their meeting Tuesday, the city’s finance committee agreed to make a recommendation to council to authorize loans for the Sherwood Shopping Center revitalization project.
The two loans, totaling $1.4 million, would be made to the Community Improvement Corporation and then loaned to the developers, Sherwood of Troy. The loans are in the amount of $900,000, which would be a two-year loan with interest-only payments at 3 percent, and $500,000, for 20 years at 4.5 percent.
The committee agreed that the shopping center is in need of revitalization.
“We need to revitalize this area,” committee member Todd Severt said. “That is such an integral part of Troy and really needs an infusion of someone who’s willing to take the bull by the horns.”
City council will vote on the loans at an upcoming meeting.
The developers plan to use the funds to obtain Sherwood Shopping Center and its outlots, located at 914-982 N. Market St. in Troy. At a previous meeting, developers said the project is drawing interest from potential occupants, and future uses could include a restaurant in the center of the building, reviving the movie theater and a renewed business plan for Needler’s Market, which is currently a liquor and party store.
The total cost of the project is estimated at $2.3 million, including the purchase price of $1.7 million. The repair phase is estimated to cost $600,000.
Reach Cecilia Fox at email@example.com.