TROY — The members of the city of Troy Loan Review Committee approved a request from Troy Community Works for additional funding on Wednesday.
The request will be assigned to a committee and, if approved, go before council.
Troy Community Works purchased the building in August 2015 with an $850,000 forgivable loan through the Downtown Building and Repair Fund Loan with city council approval.
The request was for an additional $150,000 of Community Development Building Grant funding for the renovation of the Coleman-Allen-Saidleman building project in the downtown historic district’s Public Square.
The building was best known for its David’s Shoe Store business, which occupied the space until 1998. The late Stewart Lipp, along with wife of 60 years, Marilyn, owned the building and were the longtime owners of David’s Shoe Store on the Public Square from 1936-1998. The building is on the National Register of Historic Places.
The funds will be used to restore the exterior of the building to help off set the $2.1 million rehabilitation of the entire structure.
The $150,000 request is to be marked as the local match for the Targets of Opportunity grant TCW is seeking from the Ohio Development Services Agency. The current CDBG revolving loan fund has $300,000 available, according to the report.
The request also includes that the city change the terms of the initial funding from Troy’s Community Development Building Grant from a five-year forgivable loan to be named a traditional grant. This request is due to the term “forgivable loan” is viewed as debt to traditional banks.
According to Mike Twiss, a member of TCW, his organization has met with eight banks to obtain loans to finish the building and have been denied. Once funding is secured, the major renovation work could be completed as early as the end of 2018.
If the request is approved by council, the Troy Community Works will have requested an even $1 million for the building project.
The request also includes acceleration of the forgiveness clause. The loan funds ($662,217) will still be only released in stages as the renovation progresses. The request also asks the city to release the mortgage. If the mortgage is released, TCW states it will be able to seek more funding through traditional private loan avenues.
On June 28, Troy Community Works was awarded $107,000 in historic tax credits for use in the rehabilitation of the Coleman-Allen-Saidleman Building located at 1 E. Main St., Troy.
Currently, the first floor houses the REJUicery, Troy Martial Arts, and the offices of MT Studio & Level MB Construction, owned by local architect Mike Twiss.
TCW’s first redevelopment project was the East Gate building and the organization regularly hosts Second Story Secrets, a tour of what’s upstairs in downtown Troy. The 2017 Second Story Secrets tour will be held on Nov. 4.
For more information contact TCW at (937) 361-9461 or TCW’s website at www.troycommunityworks.org.
Follow Melanie Yingst on Twitter @Troydailynews
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