Loan committee recommends approvals


Staff report

TROY —The Troy Loan Review Committee has recommended three actions for approval by Troy City Council.

A request for a $100,000 Small business Development Loan to help with the renovations underway at the Masonic Temple building, 107 W. Main St., was recommended for approval.

The requested loan terms would be three years at a 2.5 percent interest rate with the first-year interest payments only.

The overall project cost is estimated at $2,333,986.

“I think it will help us get over the finish line,” Sam O’Neal of 107 W. Main LLC told the committee.

The first floor is being prepared for four lease locations with two of the locations leased. Project plans also include up to nine second-floor apartments. The Masonic and associated organizations continue to use the third floor.

Another request approved was from Smith’s Boathouse Restaurant LLC at the city-owned Treasure Island, 439 N. Elm St. for a new $30,000 Small Business Development loan to help pay for awnings to the front entry and patio area of the building.

Owner Larry Smith told the committee the awnings are needed to protect customers who choose to eat outside on the patio.

Smith also asked to restructure two existing city loans with the new loan for 10 years and 3 percent interest.

The committee also recommended a request by Slimline Surgical Devices, doing business as Canyon Run Engineering Technology, to subordinate a lien filing to Huntington National Bank for a $25,000 line of credit to the business. Gary Ward of Slimline Surgical Devices said the company is anticipating orders from aviation clients for an inspection system it has developed.

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