City of Kalamazoo Brownfield Redevelopment Authority Agenda Packet 2026-06-18
BRA approves $500,000 loan for Zone 32 Phase II
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Description
The Brownfield Redevelopment Authority approved a Revolving Loan Fund loan of up to $500,000 to Zone 32 Phase Two, LLC to support its Phase II mixed-use redevelopment. The 20-year, 0% interest loan includes a five-year deferment and is secured by a promissory note and personal guaranty.
Contract Details
Contract Amount
Not to exceed $500,000
Vendor
ZONE 32 PHASE TWO LLC
Agency
City of Kalamazoo, MI
Contract Type
FINANCIAL_SERVICES
Document Date
June 18, 2026
Contract Term
20-year term with 5-year deferment; annual $25,000 installments beginning January 31, 2032
Renewal Date
2052-01-31
Renewal Info
Loan has a fixed 20-year term with payments of $25,000 annually starting January 31, 2032; no automatic renewal specified. Default interest of 2% applies to overdue amounts.
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