Goshen News, Goshen, IN

Local News

February 11, 2014

Loan will allow group to buy Goshen Theater


The loan

As a result of recent talks between the two organizations, Brinson said GTI has negotiated a purchase agreement with Epic Ministries to purchase the building that will require $150,000 at closing, with an additional $50,000 to be funded out of proceeds from the capital campaign.

That, he said, is where the loan request by GTI comes in.

As GTI does not currently have the necessary capital to purchase the building on its own, Brinson noted that a loan from the Redevelopment Commission would allow the group to make good on its purchase agreement and thus keep the building from being sold to an organization that perhaps does not have the best interests of the historic theater in mind.

The commission agreed, and the request for the $150,000 loan was approved unanimously. A breakdown of the particulars of the loan agreement is as follows:

• Loan amount: $150,000

• Interest rate: 3 percent

• Amortization schedule: 15 years

• Deferred payments: first two years

• Balloon payment: after six years

With the purchase agreement between GTI and Epic Ministries now in its final form, Brinson said final approval by both organizations is expected to occur within the next couple of weeks.

However, Brinson noted that under the terms of the agreement, closing is contingent upon completion of a phase one environmental assessment, the results of which should be available by the end of March.

Once those are in and deemed satisfactory, Brinson said closing is expected to occur shortly thereafter.

“It just seems like a win-win,” said Commission Vice-President Vince Turner of the request. “This is a downtown landmark. It’s a really solid group of proven people who are putting this together. It’s an opportunity for us, even with a nominal interest rate, to get more of a return on our current funds than we are now. It just doesn’t seem to have a downside.”

Text Only
Local News

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.

With military action and tensions escalating between Russia and Ukraine, as well as Israel and Palestine, are you worried that the U.S. and other nations may get drawn into these conflicts?

Yes, it is a great concern of mine
I’m a little worried, but not too much
No, I’m not worried at all
     View Results
AP Video
Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow