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EDA recommends $25,000 revolving loan for Tin, Rust & Harmony owner to buy Main Street building
Summary
The Harmony EDA voted to recommend City Council approval of a $25,000 revolving loan to Tin, Rust & Harmony owner Mindy Jones to purchase 114 N Main; the loan is proposed as a 10-year note at 3.25% APR and requires a cosigner review. Chair Chris Skaalen abstained from the recommendation vote.
The Harmony Economic Development Authority on July 2 recommended that the City Council approve a $25,000 revolving loan to help Tin, Rust & Harmony owner Mindy Jones purchase the building at 114 N Main.
Giesen introduced Jones and summarized her seven months of steady retail sales. Jones said she plans interior renovations to better fit her antiques and home-decor business and to repair exterior brick. The loan application requested a 10-year term at a fixed 3.25% APR and otherwise followed the EDA’s standard loan requirements. The loan committee recommended approval on the condition that the loan conform to the primary lender’s rules, which would require a cosigner; Giesen said the cosigner’s credit history still needed review.
The EDA voted, on a 4-0 tally with Chair Chris Skaalen abstaining, to recommend that the City Council approve the loan as requested. Following the vote, board members introduced themselves and thanked Jones for investing in downtown building improvements.
Next steps: the EDA’s recommendation goes to the City Council for final action; the loan committee will review the potential cosigner’s credit history before closing.
