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Harmony EDA approves $40,000 loan to TBD Vintage for building repairs and accessibility upgrades
Summary
The Harmony EDA unanimously approved a $40,000, 10-year loan at 6.75% to TBD Vintage for repairs at 605 Main Ave N, covering about 8% of the project and enabling a vintage mall expansion, the board heard Sept. 5, 2024.
The Harmony Economic Development Authority voted unanimously Sept. 5 to approve a $40,000 loan to TBD Vintage to fund repairs and accessibility work at 605 Main Ave N.
The loan, requested by owner Monica Thilges Cochran, would cover roughly 8% of the total repair cost and is intended to finance parking-lot work, handicap-accessibility improvements and revitalization of the building’s entrance so the space can reopen as a vintage mall complementary to the existing New Generations of Harmony Vintage. Cochran told the board that vendors are lined up and that owner equity and a bank loan would cover the remaining costs.
EDA staff member Chris Giesen reported that the loan committee recommended approval. The board approved the loan as requested: a 10-year term with a 6.75% fixed interest rate. The motion was made by Stuart Morem and seconded by Steve Donney and carried unanimously.
No additional procedural steps were recorded in the minutes; the motion approval was the recorded outcome of the request.
