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Council approves $300,000 CDBG loan for South Main Street renovation
Summary
Bryan City Council unanimously approved Resolution No. 352025 to use Community Development Block Grant economic development revolving loan funds to support TDK Holdings LLC's rehabilitation of 113–115 South Main Street into short- and long-term rental units.
Bryan City Council on Monday approved Resolution No. 352025 authorizing the use of Community Development Block Grant (CDBG) economic development revolving loan funds to support TDK Holdings LLC’s renovation of the upstairs at 113–115 South Main Street. The council voted yes on a $300,000 loan at a 3% interest rate for 20 years to help finance the project.
The resolution matters for downtown revitalization: the project, described by city staff as creating "Fountain City Suites," will provide a mix of long- and short-term stays intended to serve area businesses. A city staff member told the council the revolving loan fund committee had earmarked the money in 2023 after meeting with Dennis Miller of Maumee Valley Planning and that the applicant secured other grant, foundation and personal loan funds to complete the financing package.
City staff described the upstairs renovation as substantial work requiring an elevator and other modifications for a second-floor conversion. The staff member said the estimate for residential units in the upstairs portion was "around 12." The clerk/treasurer read the resolution into the record before the vote.
The motion to approve was made by Councilmember Rick and seconded by Councilmember John. Councilmembers Jim, Steve, John, Rick and Mary recorded "yes" votes, and the resolution passed unanimously.
Council discussion noted the loan had been under consideration since 2023 and that closing paperwork was near completion; staff said they expected to finalize financing this week. No amendments to the resolution were made during the meeting.
The action authorizes use of the local CDBG revolving loan funds to support rehabilitation at 113–115 South Main Street and allows the city to close the loan consistent with the terms described at the meeting. The council did not set additional conditions or follow-up tasks during the public meeting.
