Loan, Redevelopment Authority, financing

The Corry Redevelopment Authority approved at its recent meeting a $87,500 loan to Holly and Jim Vollant to purchase The Corner Bar and Grill, 32 E. Main St., from current owners Walt Bowen and Scott and Paula "Dee" Bloom.

The Corner Bar and Grill closed in March because of the ongoing pandemic.

The Bowen and Bloom families had planned to sell the business before the pandemic started, so they decided not to reopen, said Corry Redevelopment Authority Executive Director Rick Novotny to board members.

The Vollants signed a purchase agreement for The Corner Bar and Grill at $125,000, with the liquor license valued at $45,000, the building valued at $70,000 and the equipment at $10,000. 

The $87,500 was granted with a 5% interest rate and would carry a 15-year amortization schedule.

The request was approved by the loan review committee.

The loan was approved with Mike Largarticha, Mike Baker and Bob Grice voting in favor of approving the loan. 

Dave Dearborn voted against the loan and Kristy Elchynski was excused from the meeting.  

Dearborn said he voted against the loan because he thought there would be too much debt carried.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.