Council to consider large loans

TROY — City council will have several large loan requests on its agenda for today’s regular meeting at 7 p.m. at City Hall.

(R-30-2015) Adopt Annual Tax Budget

The resolution is to adopt the budget for tax purposes for fiscal year 2016. The budget is to be filed at the county auditor’s office by July 20. Emergency legislation is requested.

(R-31-2015) Downtown Building Repair Loan for $850,000 to Troy Community Works for 1-3 E. Main St.

The loan request is for Troy Community Works’ next project located at 1-3 E. Main St., also known as the Coleman-Saidleman building in the northeast quadrant of the public square. The loan funds are from the city of Troy’s federal community development block grant fund.

The loan was first approved by the Downtown Building and Repair Fund Loan Committee and was positively received and recommended to city council by city council’s building committee on Monday.

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, or 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.

Emergency legislation is being requested.

(R-32-2015) Enterprise Zone Tax Abatement, Clopay Building Products Co. Inc. expansion

The EZA is a 15-year 100 percent tax abatement for the $30 million 200,000 square feet of new manufacturing space.

Emergency legislation is requested for Clopay to begin to leverage funds from state agencies to help fund its $30 million plant expansion.

(R-33-2015) $250,000 Small Business Development Revolving Loan to Clopay Building Product Co. Inc.

The $250,000 loan term is a 10 year, 3 percent simple interest loan for manufacturing equipment. The loan is for the planned expansion of the building which would add 200 jobs in four years. Emergency legislation is being requested.


(O-16-2015) Issuance and sale of bonds in the amount of $9 million for the Riverfront Development

Council approved the Riverfront Development projects for improvements to Hobart Arena and Treasure Island Park. The legislation would authorize consultant agreements and the issuance of bonds to pay for the projects. Emergency legislation is requested.

(O-17-2015) Accept dedication of right-of-way of S. Stanfield Road and Commerce Center Blvd.

This ordinance would dedicate 0.0098 acres of land for additional right-of-way along South Stanfield Road and commerce Center Boulevard. The owner would improve the right turn movement at this location which would be paid for by the developer/owner America Honda Motor Company Inc. First reading.

(O-18-2015) Accept final record plan of StoryPoint Commercial Planned development

The ordinance is for the 14.577-acre senior living facility’s development’s record plan for city council.

Planning and zoning manager Tim Davis presented the property’s information, which contained more detailed information such as landscaping and utility details from previous reports.

The plans included the restrictive covenants for the property between the city of Troy and the Unified Property Group LLC, of Michigan. First reading.

(O-19-2105) Sell portion of Stonebridge Park

The board of park commissioners have declared 1.092 acre tract of Stonebridge Park as surplus so the land could be sold. The parcel was requested to be sold by a request of a citizen to purchase to place a fence to protect the citizen’s property from trespassers. The property will be sold to the highest bidder. The parcel is not a buildable lot. The remaining area of the Stonebridge Park would be 2.162 acres. First reading.

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