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Developer says surety bond unavailable; Brownfield board debates lien, policy and protections for a $25,000 loan
Summary
The Authority revisited terms of a previously approved $25,000 loan extension and heard from the borrower, who reported that a requested surety/financial-guarantee bond is not commercially available. Members discussed alternatives (property lien, other security) and urged creation of formal policy; no new loan action was taken pending further research.
At its Jan. 8 meeting the Benton Harbor Brownfield Redevelopment Authority reviewed a previously approved extension of a $25,000 loan (repaid over five years with annual $5,000 payments plus 1.5% simple interest) and heard from the borrower, identified in the record as Ms King, who said she could not secure the requested surety bond.
Ms King told the board she had pursued multiple insurance and bonding firms and that brokers indicated a bond guaranteeing repayment of a…
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