Troy City Council approved two loans for buyers of vacant downtown buildings March 17

The council also accepted recommendations from a review panel to continue enterprise zone agreements and the city Tax Increment Financing (TIF) agreement.

A $130,000 loan from the Downtown Building Revolving Loan fund was approved for Charles Sturwold for the purchase of a brick building at 210 E. Water St. near the railroad tracks. The building most recently was used as a warehouse. Plans for the building have not been disclosed.

The second loan from the revolving loan fund was authorized for P&C Ventures. A $50,000 loan will be used to help buy 121 W. Franklin St. The house/office was most recently used by a business.

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.

Both loans will carry 3 percent interest. The Sturwold loan is for 25 years; the P&C Ventures loan is for 20 years.

Money paid back from the loans goes into a fund to make loans for other projects. The original loan money came from a seed fund through a grant program. Income tax dollars do not support the program, Patrick Titterington, city service and safety director, said.

Council approved continuation of six enterprise zone tax abatement agreements with five companies. All companies had met agreement requirements and are doing well, Jim Dando, city development director, told he Troy Enterprise Zone Tax Incentive Review Council in February.

The agreements are with: Clopay, ConAgra, F&P America, Ishmael Precision Tool Corporation and American Honda Motor Co.

Also continued was the Troy Towne Park TIF district. The TIF program provides financing for public improvements by setting aside part of the future property tax payments on developed properties to pay off the bond. The TIF includes payments to the city schools with remaining income going to bond payments and other expenses.

In other business:

- Council approved an ordinance authorizing licensing agreements for use of the city’s bicentennial logo. The logo is a registered trademark and the property of the city. Vendors interested in using the logo would need to agree to terms of a licensing agreement, pay a $25 fee and submit samples of the items to be sold for the city law director’s approval.

- Approved a request to clean up city ordinances regarding the police auxiliary program. The vote removed a reference to an Ohio Administrative Code section regarding auxiliary members and firearms that has been repealed.