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Committee approves $50,000 economic development loan for All Goods LLC at 8436 W. Greenfield
Summary
The committee approved terms for a $50,000 economic development loan, funded under the Community Development Block Grant program, to All Goods LLC to help the business purchase and improve a former laundromat at 8436 West Greenfield Avenue.
The Economic and Development Committee approved a $50,000 economic development loan to All Goods LLC (doing business as All Goods) for acquisition and improvements to a property at 8436 West Greenfield Avenue. The loan will be made under the city’s Community Development Block Grant (CDBG) economic development loan program.
Staff explained the loan will help the business with a down payment on the purchase of a former laundromat. Committee members said the business owner, identified as Ali, lives in the neighborhood and plans improvements that could boost downtown activity. Dave Kerscher of Phoenix Advisors — engaged to assist with business plans and bank financing — told the committee the owner secured bank financing through CIBM Bank and that planned improvements may include roof work related to rooftop billboards.
One committee member described the proposal as “within the rules of the economic development loan program” and said the item would help the business transition from tenant to owner. The resolution passed by voice vote.
Committee members suggested the owner may make aesthetic changes such as repainting and that the loan will be used for acquisition and planned improvements.
