Terms of a $250,000 loan aimed at saving the former Brick House property on Liberty Street may be starting to take shape.

“I think we’re pretty close on terms,” Tom Christeson, the developer for a proposed Wendelboe Hotel on Liberty Street, told the city’s Redevelopment Authority on Wednesday.

Authority Member Gary Sawtelle presented proposed terms from Christeson to the rest of the board: An interest rate not to exceed 4.5 percent but potentially starting at three percent with five and 10 year adjustments or fixed at 3.5 percent as well as a 20 year term and the first payment not to come due until six months after funding.

With two members absent, Sawtell said he didn’t “know if logistically we can act on this today.”

Christeson told the authority he would not be seeking any additional funding for the Brick House property other than this loan.

Both sides agreed that hammering out the terms by the May meeting, or via special meeting if completed sooner, was amenable.

The RDA was also asked by city staff for a letter of support for the senior housing proposal at the corner of Liberty Street and Pennsylvania Avenue.

City Manager Nancy Freenock noted that the RDA, comprised of largely different members at the time, agreed to transfer the subject properties to the developer in 2018.

“I tried everything I can think of to develop that lot,” she said, including a proposal for a hotel as well as contacting mini-casino developers.

“They build projects that complement the community,” she added, noting that the city’s engineer and Public Works director both believe the existing building east of the lot “can’t be salvaged.”

Authority members pushed back on the design as evidenced in a conceptual rendering. Sawtelle said it looked like a college dorm while authority member Holly LeMeur said it doesn’t fit the “profile” for a historic downtown.

“These conceptual drawings a lot of times get changed significantly after award,” said Kelley Coey, the developer, Hudson Group, director of development. “Once awarded, we go back to the drawing board with the architect… on exactly what we want.”

Freenock asked for a letter of support for the project, which is to be funded via state tax credits. Sawtelle said he was hesitant to approve such a letter with two members missing from the meeting and said the issue would be brought back to the RDA next month once all members have been presented the information.