Claremont : City Loan for Bakery
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The Redevelopment Agency has authorized its first small business loan. The $38,500 loan will enable Fredrick and Dorothy Demke, owners of Some Crust Bakery, to place a down payment on the building at 115-119 Yale Ave., which houses their store and Dave’s Shoe Shop.
The agency committed to an Owner Participation Agreement in which it will purchase the 97-year-old building but assign its interest in the deed to the Demkes and hold a second deed of trust until the loan is paid, Economic Development Director Peggy M. Proestos said.
Announcing the loan as a precedent, the agency cited its long-held desire to see Village buildings owned by Claremont residents instead of absentee landlords.
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