The committee recommended Troy City Council approve a $100,000, 30-year small business development loan at 4.5 percent interest and Haren’s assignment of two loans previously approved for current building owner P&C Ventures LLC. A total $136,000 is owed on those loans from the city Community Development Block Grant program.
The recommendation includes six months without loan payments followed by six months of interest-only payments before loan payments would begin.
Private loans are being secured for a portion of the building purchase along with remodeling and new equipment, and Haren is providing owner equity to complete funding sources for an $875,000 project, the committee was told by Haren and Jim Dando, city development director.
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The business now has six employees and plans to add eight in 2019 because of added space in a new location and anticipated increase in business.
Nicole Loy, executive director of the nonprofit Troy Main Street downtown organization, said those who have heard about Haren’s plans are excited.
“We think it is going to be such a tremendous asset to our downtown,” she said.
Loy said the market would add even more offerings, particularly for those interested in downtown living and already taking advantage of shopping and dining options.
“We think it is going to be spectacular. It is a local person who already has a loyal following. We love the opportunity to be able to have him get a larger spaced so he can be more creative,” Loy said.
A Troy City Council committee heard the proposal Tuesday afternoon and recommended the full council’s approval of the loan.