TROY — Troy City Council unanimously approved legislation for a $1.4 million loan to the Community Improvement Corp. related to the Sherwood Shopping Center on Monday.
Council member John Schweser was not present.
The two loans, totaling $1.4 million, will 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 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.
Council also approved 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.
In other news:
Council member Robin Oda requested a fourth reading in regards to the final plat for Stonebridge Meadows. No objection was made by other members. Council member Brock Heath reported conversations with residents, the city and the developer Judy Tomb were making progress in regards to flood and water issues in the residential area. Oda requested the improvements that were agreed upon be submitted to council prior to the next meeting.