Urban Renewal Gives Extension For Sunshine Mill

The Dalles City Council acting in its capacity as the Columbia Gateway Urban Renewal Agency approved an extension for Discover Development to exercise an agreement to purchase the Sunshine Mill property from Urban Renewal and to pay off a $600,000 line of credit over a three-year period.  The extension, which was recommended by the Urban Renewal Advisory Committee, calls for Discover to retire the loan with a $150,000 principal payment this coming May 15, a $100.000 payment in 2016, and a final $350,000 payment in 2017, and the interest rate will jump from 4.25% to 5.25%.  The purchase option is extended for three years to May 15, 2018, with Discover to pay interest on the nearly $310,000 purchase price at an annual rate of 5.25%.  The agreement was approved after a testy exchange between Mayor Steve Lawrence and Discover’s James Martin.  Lawrence wanted some kind of security put up by Martin.  But Martin countered that the property is now a significant asset with the improvements his company has made, and therefore a performance bond was not necessary.

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