Claremont : City Loan for Bakery

The Redevelopment Agency has authorized its first small business loan. The $38,500 loan will enable Fredrick and Dorothy Demke, owners of Some Crust Bakery, to place a down payment on the building at 115-119 Yale Ave., which houses their store and Dave’s Shoe Shop.

The agency committed to an Owner Participation Agreement in which it will purchase the 97-year-old building but assign its interest in the deed to the Demkes and hold a second deed of trust until the loan is paid, Economic Development Director Peggy M. Proestos said.

Announcing the loan as a precedent, the agency cited its long-held desire to see Village buildings owned by Claremont residents instead of absentee landlords.