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Board hears developer plea after surety bonds prove unavailable for $25,000 loan
Summary
The Authority reviewed protections for a previously approved $25,000 loan after its recipient reported surety bonds guaranteeing repayment are not available in the current market; staff and members discussed liens, legal review and setting clearer lending policies.
The Benton Harbor Brownfield Authority spent a significant portion of its Jan. 8 meeting discussing protections tied to a $25,000 loan previously approved to support a local developer’s housing work.
Consultant Theresa Searls reminded the board that the prior motion extended a $25,000 loan repayable over five years with annual payments and 1.5% simple interest. The board had previously discussed securing the loan with a surety bond or…
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