Committee reviews $850,000 loan to TCW

TROY — Members of the buildings committee will meet at 6 p.m. Monday to discuss the Downtown Building Repair revolving loan fund request of $850,000 for the purchase and renovation of the 1-3 East Main historic Coleman-Saidleman Building by the nonprofit Troy Community Works.

The building is currently vacant, but was best known for its David’s Shoe Store business which occupied the space until 1998. The late Stewart Lipp, along with wife of 60 years, Marilyn, owned the building and were the longtime owners of David’s Shoe Store on the Public Square from 1936-1998. The building is on the National Register of Historic Places.

The loan is a 30-year conventional loan with 0 percent interest and 20 percent deferral up to five years or when the building is occupied.

According to the committee report, 20 percent of the loan will be forgiven at the end of each year until a $0 balance, on the condition that by the end of year five or earlier, the building rehab includes all three floors ready for occupancy. If the condition is not met, the remaining balance of the loan will convert to a 3 percent, 25 year term loan.

The purchase price of the building is approximately $200,000. The remaining loan funds would be for renovations for both the interior and exterior of the historical building.

Plans include upgrading the first floor store front and adding office and/or apartment spaces on the second and third floors.

The Downtown Loan Committee approved the request to be recommended to council on June 17.

Special legislation would be prepared due to the loan being in excess of $100,000. Troy Community Works recently renovated the Eastgate building.

Following the buildings committee meeting, a Community and Economic Development committee will meet to discuss approving the Story-Point Plat Record Plan. This is the senior living facility located off Towne Park Drive. A letter from the developer has requested council waive the three readings so it can begin on construction in the fall.

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