Continuously serving Kosciusko County since 1854
Downtown business operators in need of project loans may borrow up to $40,000 through the Warsaw Community Development Corp.'s revolving loan fund.
WCDC board member Nikki Hurley offered changes to the fund policy during Wednesday's board meeting. A major change is that the borrower must be a WCDC member for the life of the loan. Memberships 60 days overdue become subject to a default interest rate of the prime rate plus 2 percent until the membership is paid.
The loan fund was established in 1985 to promote the physical and economic revitalization of downtown Warsaw.
Currently, $485,000 is pledged to the program.
Loans are available up to $40,000 and area offered at a low interest rate. Up to $20,000 can be used for exterior facade renovation and up to $20,000 for second- and/or third-floor renovation for either residential or commercial use, or for renovation on the first floor for commercial or retail use.
Honor Missler gave a Biblical Gardens Web site tour. The site has been "down" for many months while ownership issues were sorted out. Missler, Warsaw Community Public Library graphic design assistant, created the garden's Internet pages. The address is: www.warsawbiblicalgardens.org
The board also:
• Approved reorganization of Comstock House mortgages as suggested by treasurer Jay Baumgartner. Three outstanding loans - two with Lake City Bank and one with National City Bank in the amount of $107,580.13 - are paid in installments of $821.32 per month. All three had balloon payments totalling $70,573 at the end of each contract.
Baumgartner said he doubted if the WCDC would have the cash to pay the final payment and opted for an increased monthly payment of $919.33. The move also consolidates the Lake City Bank loan.
• Approved the WCDC 2003 budget projecting a $83,700 income and $78,914 in expenses, leaving a $4,040 net income.
The Warsaw Biblical Gardens' budget also was approved showing a net income of $0 after matching income and expenses of $15,500. A net loss for depreciation was given as $11,000.
The Comstock House budget shows net rental income for five two-bedroom and one one-bedroom apartments to be $25,000 with expenses at $21,290. Depreciation of $10,900 shows a net loss of $6,290.
• Presented Toshiko Gunter, Biblical Gardens volunteer groundskeeper, with a $2,500 check and gift certificate to the Yelton Manor Bed and Breakfast in Michigan in appreciation of her work.
• Changed meeting date and time to the third Tuesday of the month, 7 a.m., in the Kosciusko County Community Foundation building.
• Heard from John Elliott, who honored the memory of the late Bob Steele, a former board member.
• Approved the addition of Teresa Ho, Warsaw Community Development Coordinator, to the board, as requested by Warsaw Mayor Ernie Wiggins.
Board members are Kent Adams, Jay Baumgartner, Brad Bishop, James Bishop, George Clemens, Nanette Degaetano, Steve Devenney, Cindy Dobbins, John Elliott, Jon Garber, Brian Grantz, Avis Gunter, Cindy Hampton, Dan Hampton, Carol Huffer, Nicole Hurley, Carmen Lock, Tim Martin, Elizabeth McMillian, Harvey Miller, Jean Northenor, Jo Paczkowski, Bob Sanders, Stephanie Sayler, J.C. Silveus, Charlie Smith, Michael Welborn, Ernie Wiggins and Ann Zydek.
