Community development loan committee approves restructured loans for Salon 54
The Community Development Block Grant Revolving Loan Committee voted to restructure a previously approved $70,000 loan for Salon 54 into a $24,968.31 equipment loan (4% for 10 years) and a $35,000 working‑capital loan (5% for 3 years); roughly $10,031.69 of the prior allocation will be returned to the loan fund.
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The Community Development Block Grant Revolving Loan Committee approved a staff‑recommended restructuring of previously authorized financing for Salon 54. Staff said the change splits the original $70,000 allocation into a $24,968.31 equipment, fixtures and furnishings loan at 4% for 10 years and a $35,000 working‑capital loan at 5% for three years; payments under the revised schedule are set to begin on 09/01/2026.
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