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Council signs off on two development 'warm' loans totaling about $77,166 to Thor enterprises
Summary
The council approved two Presque Isle Development Fund "warm" loans to Kevin Thorson (Thor Enterprises / Thor Properties) — $71,056.75 and $6,110 — at a 2.25% fixed rate amortized over seven years, per the fund's recommendation.
The Presque Isle City Council approved recommendations from the Presque Isle Development Fund to issue two warm loans to Kevin Thorson: $71,056.75 to Thor Enterprises LLC and $6,110 to Thor Properties LLC, both at a 2.25% fixed interest rate amortized over seven years.
As the chair read the Development Fund recommendation, he stated the amounts and terms on the record: "a warm loan was approved to Kevin Thorson... in the amount of $71,056.75 and a warm loan... in the amount of $6,110 at a 2.25 at a 2.25 fixed interest rate and amortized for 7 years." Councilor Craig moved acceptance of the trustees' recommendation and the council approved the loans. The applications had met the fund's requirements, and the council's approval moves the loans into implementation per fund procedures.
