The Troy City Council this summer approved a $1.4 million loan from the general fund to the Troy Community Improvement Corp. which, in turn, loaned the money to the Sherwood of Troy LLC. The partnership wanted to buy and upgrade the center. The loan was $900,000 for two years and $500,000 for 20 years.
Frank Harlow, one of the Sherwood partners, said at a meeting this spring that the partners planned a $2.3 million project with $1.7 million for purchase and $600,000 for building stabilization work including a roof. In addition to $600,000 for the stabilization, the investors proposed $300,000 in private equity toward the purchase. He was not available for immediate comment.