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Council approves $100,000 revolving-loan recommendation for Sienna Apartments project
Summary
Vergennes City Council approved a $100,000 loan recommendation from the Revolving Loan Fund for a 14-unit Armory Lane project at 4% interest amortized over 30 years, repayable at year ten and contingent on state funding approvals. The motion passed 7-0.
The Vergennes City Council voted 7-0 to approve the Vergennes Revolving Loan Fund Committee’s recommendation for a $100,000 loan to Sienna Apartments for a proposed Armory Lane development. The loan is proposed at a 4% interest rate, amortized over 30 years, with repayment due in year ten and contingent on approvals from the Vermont Housing Finance Agency’s Rental Revolving Loan Fund and the Local Investment Advisory Committee.
During the discussion, developer Peter Kahn described the project as a '14-unit apartment' development and answered council questions about project scope and financing. Alderman Mark Koenig moved the motion and Deputy Mayor AusƟn seconded; the motion passed unanimously, Vote: 7-0.
Council record notes the loan recommendation is contingent on external funding approvals; the council’s action commits the local revolving fund recommendation but depends on VHFA and LIAC decisions before final disbursement.
