Two Businesses Get Redevelopment Loans
Two local businesses this week were approved for redevelopment loans totaling more than $375,000.
The City Council agreed to lend $165,598 to Benjamin and Grace Kim, owners of a historic building on Harbor Boulevard that they have converted into a banquet hall; and $210,000 to Robert and Shereen Zerrenner, owners of a pawn shop on Harbor Boulevard.
Councilman Peter Godfrey said approving the loans “is an absolute perfect example of what redevelopment is all about.”
The Kims have already rehabilitated and opened their building--the former Masonic Lodge--for business. But they still need to complete seismic retrofitting.
The Kims said they will use the loan to pay for half of the additional work at their Spring Field Banquet and Conference Center and cover the rest with their own money.
The Zerrenners recently purchased an old pawn shop that was deteriorating and had prompted many complaints from residents. The couple said they plan to rehabilitate the building and open it for business soon as Heirlooms of Tomorrow.
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