Requests to borrow $50,000 and $130,000 from the Troy downtown loan fund to buy two vacant buildings were backed last week by both the loan committee and city council’s finance committee.
Charles Sturwold, who owns the Leaf & Vine downtown, is seeking the $130,000 loan to help buy the brick building at 210 E. Water Street near the CSX railroad tracks. The building has been used most recently as a warehouse.
Few details on the proposed use of the building were mentioned at the loan committee March 4 and finance committee March 7.
“The ideas they have should be a welcome addition” to the east side of the downtown area, Patrick Titterington, city service and safety director, told the finance committee.
The loan for the Water Street property would be at 3 percent interest for 25 years.
The property now has an industrial zoning. The proposed use settled on by the owner will help determine if a rezoning request will be needed, Titterington said.
P&C Ventures LLC is seeking a $50,000 loan to buy 121 W. Franklin St. The house/office was used most recently by an accounting firm.
Patty Rose of P&C Ventures said the initial plan is to use the first floor offices for P&C’s new home and the upstairs as an apartment. “It needs a little TLC to bring it back,” Rose said at the loan committee meeting.
The loan for the Franklin Street property also would be at 3 percent interest. This loan would be for 20 years.
“I am glad that people are upgrading the buildings so we don’t have blight and eyesores in the community,” Councilman Tom Kendall said.
Councilman Doug Tremblay asked Titterington to explain where the loan fund obtained its resources to loan. The fund was started with federal seed money from a Community Development Block Grant. “We don’t use or income tax funds, our general fund at all,” Titterington said.
Kendall asked if there was a limit on the number of loans to any individual or corporation. Titterington said each loan is considered on its own merit.
Money paid back from loans goes back into the fund to make loans for other projects.
Jim Dando, city development director, told the loan committee that there was plenty of money in the fund – more than $700,000 – to accommodate the two latest requests.
Dando also mentioned that an expansion of the downtown loan program’s boundaries might be proposed.