Developer Harry Hepler has filed a request for a $250,000 loan with the Lansing Economic Development Corporation to help finance the reopening of the Blue Coyote in Downtown Lansing.
According to excerpts from the article:
Hepler hopes to use the loan, from the Business Financing Assistance Program, as mezzanine financing to entice private banks to provide further financing for the project.
At-Large Councilman Brian Jeffries, chairman of the development and planning committee, noted at Monday’s meeting that the loan could be rescinded if Hepler does not secure bank or other financing within 90 days of receiving the loan.
The type of loan he seeks is specifically for businesses like restaurants, grocery stores and other specialty stores in the downtown district.
“We want to see if the city of Lansing wants to pursue this as a mechanism to secure primary financing,” Hepler said in a phone interview “If they don’t, then we won’t be moving forward.”
Read the entire article here.
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