DaytonDailyNews.com

TROY — A city loan committee Wednesday unanimously recommended loaning a development company $380,000 to purchase the historic Dye Building on the Public Square.

Medallion Investment Group plans to renovate all three floors of the building, which housed Taggarts on the Square restaurant. Taggarts closed recently in anticipation of the sale.

The City Council finance committee must approve the recommendation so the City Council can vote Monday.

The money would come from the Downtown Repair Revolving Loan Fund.

Last week, the finance committee asked the Downtown Loan Committee to revisit the issue after having questions about collateral for then $360,000, 30-year loan at 2-percent interest.

Wednesday, Medallion asked the loan be increased to $380,000 because of unexpected costs and the interest rate be reduced to 1.5 percent. The company also asked it be given one year of interest-only payments at the start of the loan. The company provided collateral to cover the loan.

The loan committee did not see a problem with increasing the loan, nor with the interest-only clause, which is common on such loans.

It did not budge, however, on the interest rate.

Contact this reporter at (937) 335-3838 or dpage@DaytonDailyNews.com.