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The Troy City Council this summer approved a $1.4 million loan from the general fund to the Troy Community Improvement Corp. which, in turn, loaned the money to the Sherwood of Troy LLC. The partnership wanted to buy and upgrade the center. The loan was $900,000 for two years and $500,000 for 20 years.
Frank Harlow, one of the Sherwood partners, said at a meeting this spring that the partners planned a $2.3 million project with $1.7 million for purchase and $600,000 for building stabilization work including a roof. In addition to $600,000 for the stabilization, the investors proposed $300,000 in private equity toward the purchase. He was not available for immediate comment.
Mayor Mike Beamish said he is excited about the possibilities for property's redevelopment.
"I'm excited that we have a local developer back with Sherwood," Beamish said. "He will do right for the community, Sherwood and the people of that area."
The future of the nearly vacant center has been a topic of concern for the city and residents of the area. The city last year hired consultants MKSK Studios to look at the 1960s shopping center and possible scenarios for its future.
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