TROY — Troy City Council will have its first reading for a $1.4 million loan to the Community Improvement Corp. related to the Sherwood Shopping Center on Monday.
The meeting begins at 7 p.m. at City Hall.
Council’s finance committee agreed to make a recommendation to council to authorize loans for the Sherwood Shopping Center revitalization project. The committee supported the emergency legislation to expedite the loan processing.
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.
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.
An ordinance to extend the Sherwood area’s zoning permit moratorium for another 180-days is also on the agenda. A moratorium has been in place since June 2017.
An ordinance to amend the city’s general fund for the $1.4 million loan is also on the agenda.
Other agenda items include:
• R-17-2018 Authorize participation in ODOT’s bid for road salt for winter 2018-2019.
• O-18-2018 Final Plat, sections 6 and 7, Stonebridge Meadows PD and dedication of right-of-way — third reading.
• O-20-2018 Extend moratorium for the North Market Street area for the processing, issuance, and approval of new occupancy and zoning for an additional 180-day period — Emergency first reading
• O-21-2018 Reappropriation from the General Fund for the loan to the CIC for the Sherwood Shopping Center.