Muskegon -
Just a few weeks after we learned that the City of Muskegon will pay Port City Construction (Gary Post, owner) up to $350,000 for demolition work at the Ameribank building...
Quote:
City gives developer $300K loan to complete downtown project
Ben Solis | MLive
April 12, 2018
MUSKEGON, MI - The city of Muskegon will loan $300,000 without interest to Gary Post of Port City Construction to help complete the final phases of the new downtown Heritage Square Commons commercial and residential project. The loan is being hailed as a way to "jump-start" the $2 million project's final phase and get it over the finish line, said Muskegon City Manager Frank Peterson. This will be the second time that the city of Muskegon has offered Post a loan to complete the project - Post received a $500,000 loan without interest to complete the first phase of Heritage Square townhomes in 2014...
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The City is really investing / trusting a lot to this one developer. The interest-free component of this deal ends at the end of the year. Any principal remaining after December 31 would begin accruing interest.
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