03/29/2018
Here is a post on WHIO's Steve Bakers page explaining where the deal to buy the Sherwood Shopping Center is at. Please share this on Facebook and comment below if you would like.
https://www.facebook.com/SteveBakerWHIO/posts/1617066935014867?comment_id=1617111545010406¬if_id=1522283973777908¬if_t=comment_mention&ref=notif
Worried about the future of the Sherwood Shopping Center in Troy? Nancy Bowman Dayton Daily News has the details for you!
By Nancy Bowman
Contributing Writer
TROY - A Troy city loan committee Wednesday supported a $1.4 million loan for purchase of the nearly empty Sherwood Shopping Center on North Market Street with conditions the city has the legal authority to make the loan and receives financial information from all project investors.
The city Loan Review Committee recommended Troy City Council approve the loan, if all conditions are met.
Committee members said they thought the show of support for the project was important to those willing to invest in the run-down property on the city’s northeast side where new housing is being developed. “Overall, I think it is a good, positive thing for all of Troy,” said committee member Shirley Snyder.
The total project proposed by a new corporation, Sherwood of Troy, carries a $2.3 million price tag including $1.7 million for the purchase and $600,000 for stabilization work, highlighted by a new roof to end leaking into retail spaces, said Jim Dando, city development director.
Frank Harlow, a local developer and one of three partners in new corporation with brothers Mike and Scott Earhart, also local residents, said the option to purchase the property located off North Market Street was just extended for 60 days. The property is owned by a New York company.
“Local ownership is a god-send,” said committee member J.C. Wallace, president of the Troy Chamber of Commerce,
“We want to make the place very nice,” Harlow told the committee. “We are going to bring it up to 2018.”
He said the partners are working with the operators of Needler’s Market (formerly Marsh), who are looking to turning the store into a liquor/party store. The state liquor store is located in the store. Negotiations are being held with other potential tenants and options being explored to return a movie theater to the location. A new façade across the main center building is planned, he said.
Dando said the loan request from a city revolving loan program was unusual because of its size. He also explained the loan fund didn’t have enough money to cover the request so use of dollars from the general fund was being explored. The Ohio Auditor’s Office and the Ohio Attorney General’s Office have been asked for advice on the legality of using the money for the loan, said John Frigge, city auditor, and Patrick Titterington, city service and safety director.
Once answers are received the request would then be scheduled for council discussion.
“Frank knows we are all in… if we can get this done, legally. We need to find out a way, if there is a way,” Frigge said.
Harlow said the partners plan to spend $600,000 cash for the roof and other building improvements along with $300,000 in private equity toward the purchase. The city money, if approved, would be for a $900,000 two-year loan with interest only payments at 3 percent and a $500,000 loan for 20 years at 4.5 percent.
Collateral would be mortgages on the center and the partners’ personal guarantees.
The city last year hired MKSK Studios to study the economic development future of the shopping center area. The consultants held a community meeting on the property in late October but have not issued a report.
Meeting participants told consultants they liked the neighborhood feel of the nearby area, where housing continues to be built. They said they would like more places to eat and for people with young children to go nearby and the return of once local businesses including a pharmacy, hardware and movie theater.
Titterington said Wednesday the report on the study is expected from consultants in April.
