TROY — Troy City Council will consider two small business development loans at its regular council meeting at 7 p.m. on Monday, July 1 at City Hall.
Four Sons Development has requested a $250,000 loan for the development of 8 S. Market Street. The loan request was approved for recommendation by the Loan Review Committee on June 27.
The loan application is to finance the repairs and update the interior and exterior of the former U.S. Bank building. The loan details include six months of interest only payments, 4.5 percent interest and principal payments and a loan repayment term of 20 years. Collateral includes a personal guarantee and second position on the property. Four Sons Development has received previous loans from the city for eight buildings in the downtown area. Two of the older loans have been paid off and the 12 S. Market Street is nearing pay-off, according to the report.
Chacres LLC has requested a $125,000 small business development revolving loan for Haren’s Market’s new location at 2 E. Main Street. The city has granted three loans to Chacres LLC. According to the report, owner Connor Haren has purchased $200,000 in equipment and is halfway through planned renovations. According to the report, $175,000 request for the new loan is to fund the remaining construction balance of $300,000. The loan review committee approved the request to be presented to council.
The request will require an increased appropriation of $341,810 within the small business development loan fund.
The loan terms include a 20-year repayment term, one year interest only payments 4.5 percent interest and principal payments and collateral of a mortgage on the property and personal guarantees of the owners.
An emergency request was filed to continue building renovations.
Other items on the council agenda include:
R-28-2019 Annual Tax Budget EMERGENCY 1st Reading This request is an annual routine filing.
R-31-2019 Utility Oversizing/Roadway Improvement Payments related to Halifax Villas PD 1st Reading
Developer Frank Harlow of the Halifax Villas planned development plans to install oversized water lines and sanitary sewer lines which will eliminate the need for a pump station. The cost to the city for the water line oversizing is not to exceed $80,052.53; sanitary sewer line not to exceed $151,459 and the installation of a traffic signal and improvement at a payment at a cost not to exceed $165,000.
It was reported at the committee meeting that the oversizing requirement benefits the city and not the development and the city shall pay the difference in the excess costs of the minimum requirements. It wasnoted the elimination of the pump station is at a much lesser cost than if the city performed the project.
O-21-2019 Reappropriation 1st Reading
The reappropriation requests include: $6,480 for the state highway fund for the purchase of additional aggregate material; $341,800 for Small business development revolving loan fund; $21,000 for the Cemetery endowment fund for costs associated with additional maintenance of facilities; $400,000 to the Hobart Arena Fund for costs associated with additional events for 2019 events; and $47,500 to the Miami Shores fund for chemicals, advertising and equipment.
O-22-2019 Repeal Ordinance No. O-14-2007 (limits on TREX liquor permits) 1st Reading
This is a request to bypass liquor permit restrictions for Kroger’s state liquor permit request.
O-23-2019 Agreement regarding Tour De Donut event and Notwithstanding provisions 1st Reading
O-24-2019 Agreement with Troy Main Street, Inc. related to Donut Jam and Notwithstanding provisions 1st Reading
The request is in relation to the Tour De Donut events and use of public property and the sale of alcoholic beverages during the event. The event will be held Aug. 23-24. Participation is around 3,000 riders and will close down the downtown Public Square similar to the Strawberry Festival from 11 a.m. Aug. 23 through 5 p.m. Aug. 24. As part of the agreement, the city would be reimbursed for overtime costs and other expenses related the event. A downtown concert with alcohol sales will be held from 5 p.m. to 11 p.m. on Friday, Aug. 23 and events will be held 11:30 a.m. to 2 p.m. on Saturday, Aug 24. Troy Main Street will apply for an F2 liquor permit to provide alochol beverages during the events. No entry fee for the events is requested, other than the ride and planned 5K participation fees.
O-25-2019 Rezone parcels D08-250732, D08-048760, D08-250299, and D08-250296 from R-2, Single family Residential District, R-5, Single-family Residential District, and M-2, Light Industrial District, to a Planned Development-Residential (PD-R) PUBLIC HEARING 7-15-2019
The rezoning request is made by Troy Christian Schools to rezone 27.16 acres for its planned Arbogast Performing Arts Center on 700 S. Dorset Road.
Reach Melanie Yingst at firstname.lastname@example.org
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