Three loans were approved for area businesses this morning by the Corry Redevelopment Authority.
Skyview Coin Amusement of Old Valley Road, Union City, was approved for a 5-year, $99,000 loan to purchase another vendor in New York. The loan, which will come from the Union City Enterprise Zone account, was recommended by the Loan Review Committee at a rate of 4.25 percent.
The total project is for $110,000, with $11,000 of the funding coming from owner equity.
Skyview offers entertainment equipment for recreation centers, bars and restaurants.
The authority also approved a loan up to $500,000 to the American Legion Lebaron Post 237 for construction of a new building at 9225 Route 6 in Union City. The 10-year loan, contingent on a verified appraisal and verification of the legion’s membership, was approved at a rate of 4.25 percent.
“The American Legion has been planning a new building for the past few years,” said Rick Novotny, Corry Area Industrial Development Corp. executive director. “They anticipate increased revenue because of the new location.”
A loan for the construction also is being sought from Northwest Savings Bank for about the same amount and rate.
“I have no doubt they will do well,” said authority member Kristy Elchynski. “They are in a terrible position with where their building is. This is a good thing for the community.”
Members also approved a loan up to $90,000 for Greater Corry Area Broadcasting LLP. The loan will be used to acquire interest in the radio station. About $50,000 of the loan will be used to obtain an FM license from the Federal Communications Commission.
“The Loan Committee approved it primarily because they all felt Corry needed a radio station,” Novotny said.
The second half of the three-year loan, all of which would come from the Redevelopment Authority, will be contingent upon the acquisition of the FM license.
Approving all three loans unanimously today were Chairman David Dearborn and board members Elchynski, Bob Grice, Bob Williams and Marian Barton.
Also approved was an audit for 2012 from Root, Spitznas & Smiley Inc. of Erie in which the Redevelopment Authority was found to have ended the 2012 year in accordance with general accounting principals. Work on the authority’s 2013 audit is expected to begin shortly by an accountant.