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Community development loan committee approves restructured loans for Salon 54
Summary
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.
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.
Jessica Mays, a staff member who presented the proposal, said the revised amounts reflect the receipts the borrower submitted and the project’s changed needs. "Because the revised financing totals $59,968.31, the remaining $10,031.69 of the previously approved allocation can be returned to the city's economic development revolving loan fund, making those funds available for future lending opportunities," Mays said. Chair summarized the package before moving approval; the committee voiced its assent and the motion passed by voice vote. The committee did not record individual vote names in the transcript; the motion was announced as passed.
