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Council approves $50,000 commercial loan to High Barber Holdings for 307 Belmont Avenue
Summary
The council approved a $50,000 seven-year loan at 3% to High Barber Holdings LLC to purchase a commercial building at 307 Belmont Avenue; approval included a second‑lien mortgage as collateral and a recommendation from the commercial loan committee.
Lock Haven’s city council approved a $50,000 commercial loan to High Barber Holdings LLC to support the purchase of a commercial property at 307 Belmont Avenue.
City staff said the commercial loan committee reviewed an application from High Barber Holdings LLC for a $50,000 loan and recommended approval. The loan was described as a seven‑year loan at a 3% interest rate with a second‑lien mortgage on the business property to secure the city’s interest. Council moved, seconded and approved the loan on roll call.
City staff said the council will complete the loan closing with the business owner and the city solicitor before the end of the year. The council recorded affirmative roll-call votes from Council member Alexander, Council member Brannan, Council member Brinker, Council member Conklin, Council member Stevenson and Mayor Long.
