Wesener Building/DDA Loan Deferred
by Karen Mead-Elford, co-editor
(Independent Photo/Kim Lazar)
During the regular meeting of the Owosso DDA/Main Street group from Wednesday, Dec. 6, representatives from the Wesener Building, LLC asked for a deferment of the outstanding DDA loan “due to the short-term restructuring of the existing loan.”
The Wesener Building at 104/108 N. Washington Street, downtown Owosso, is a landmark structure dating back to 1885. A tragic fire in 2007 destroyed much of the structure, though Dave and Dianne Acton, because the DDA had agreed to preserve the remains of the building after the fire, stepped forward to renovate the structure in 2011. In short, work was completed in spring 2016.
Phil Hathaway attended the December meeting as a representative of the Wesener Building. According to minutes from the meeting, Hathaway shared that “the current property owners are restructuring the Brownfield Plan due to added environmental remediation costs associated with the redevelopment.” A new Brownfield Plan will be presented to the city of Owosso for approval. The Wesener representatives fully hope to work with city administrators this year, with the hope to find new methods to repay the existing loan.
The DDA moved forward and approved an interest-free, two-year deferment of the loan.
Owosso DDA/Main Street met in council chambers on Wednesday, Jan. 10. The next DDA meeting is planned for 7:30 a.m., February 7.