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Owosso board recommends $32,203.41 loan to Amy’s Place to cover Match on Main expenses
Summary
The Owosso Main Street & Downtown Development Authority voted to recommend a $32,203.41 loan for Amy’s Place to cover upfront costs tied to a Match on Main grant; the board noted the business expects to repay $25,000 after a MEDC reimbursement and forwarded the recommendation to City Council.
The Owosso Main Street & Downtown Development Authority voted May 6 to recommend that the City Council approve a $32,203.41 loan to Amy’s Place to cover upfront expenses associated with a Match on Main grant.
Lizzie Fredrick presented the application and told the board that Amy’s Place intends to repay $25,000 of the loan after receiving a $25,000 reimbursement grant from the Michigan Economic Development Corporation; Fredrick also said additional costs will be charged for loan underwriting services. Commissioner Jill Davis moved the recommendation, and Commissioner Colin McCallum supported the motion; the board recorded the vote as “AYE: ALL” and the motion carried.
The recommendation directs the City Council to consider the loan and any underwriting fees; the board did not set additional loan terms at the meeting. The item will be placed on a future City Council agenda for final approval.
