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Carla Yetkin approved for $50,000 loan to renovate Jules Flowers building
Summary
Carla Yetkin told members she purchased the Jules Flowers building and requested $50,000 for renovations and ADA upgrades; members voted 4–0 to approve a five-year loan at 3%, and staff will prepare updated loan documents.
Carla Yetkin, an applicant, told members present at a Vincennes meeting that she acquired the Jules Flowers building on Oct. 8 and requested a $50,000 loan to complete repairs, electrical work, roofing and ADA upgrades.
Yetkin provided a breakdown of estimated costs: a parking-lot concrete estimate around $20,000, electrical improvements about $11,000, a verbal roof-repair estimate of $8,500, and ADA upgrades roughly $6,000. She said she had already invested about $15,000 and that the total of the listed repairs came to about $60,918; she nonetheless requested $50,000 from the city to help complete the work.
Committee members discussed repayment timing and terms. A member noted a five-year term at 3% during the discussion; members also considered start dates and grace periods and asked that updated paperwork reflect the agreed terms. A motion to approve Yetkin’s loan application was moved and seconded and passed 4–0.
After the vote, staff said they would update the paperwork and arrange for signatures; the transcript indicates staff expected to set a repayment start date in January, but the formal loan documents will specify the precise payment schedule.
The applicant provided specific cost estimates and a total project amount; where monthly payment figures in the transcript are unclear, the article states the repayment term (five years at 3%) and notes that the exact monthly payment schedule will appear in the loan documents.
