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Cottage Grove EDA approves $2 million loan and business subsidy for Cedarhurst restoration
Summary
The EDA approved a $2.0 million loan (including $600,000 forgivable) to Bella Gala/3 60 Real Estate to restore the Cedarhurst mansion as an event center; staff said the loan will come from the ED Trust Fund (non‑taxpayer dollars) and the city will be second lien behind the bank.
The Cottage Grove Economic Development Authority on Dec. 2 unanimously approved a business subsidy agreement and a loan agreement that will provide up to $2,000,000 to Bella Gala/3 60 Real Estate to restore and reopen the Cedarhurst mansion as an event center.
City Administrator Jennifer Levitt summarized the property's history and prior actions: the city previously approved a $100,000 forgivable loan for Bella Gala, which the current action rescinds as part of the new agreement. "They were not adhering to the character," Levitt said of an earlier higher-density proposal; the new proposal aims to preserve the mansion’s historic…
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