Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Benton Harbor Brownfield Authority approves $25,000 loan to local developer
Summary
The Brownfield Redevelopment Authority approved a $25,000 loan to KB Ventures to finish housing units, with a five-year repayment schedule secured by a surety bond and annual payments at 1.5% simple interest.
The Benton Harbor Brownfield Redevelopment Authority voted 5-0 on Oct. 9 to offer a $25,000 loan to KB Ventures to finish multiple housing units the developer has already begun.
The loan will carry a five-year term with one annual payment of $5,000 plus 1.5% simple interest calculated once a year, and the board required that the loan be secured by a surety bond obtained by the developer before any funds are released.
The move follows months of board support for the Kings Court housing project and conversation between KB Ventures, the authority's adviser and staff. KB Ventures principal (identified in the meeting as Ms. King)…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
