Times Observer photo by Josh Cotton The RDA is finalizing terms of a loan with a local developer for rehabilitation of this building, the former Brick House on Liberty Street.

Tentative terms have been agreed to on a $250,000 loan aimed at saving the former Brick House building on Liberty Street.

The City of Warren Redevelopment Authority has expressed a willingness to loan $250,000 to Tom Christeson, whose Dewboi Properties firm has proposed the Wendelboe Hotel along Liberty Street.

RDA Chairman Michael Boyd said he and authority member Gary Sawtelle met with city staff and “came up with a list of terms to present to Mr. Christeson.”

“Although he has had success in these projects,” Boyd said, “I wanted to see a personal guarantee on the loan which he was willing to do.”

So the loan will carry a 3.25% fixed interest rate on a 20-year term.

“Tom is hopeful this can be paid off much sooner,” Boyd said, explaining that the terms will also require quarterly updates to the RDA and the ability for the city to conduct site visits to monitor progress.

Randy Rossey, the city’s director of codes and planning, said the documents for the loan will now be drawn up.

The RDA is “not looking to make money off this,” Boyd said. “He’s got his own skin in the game.”

In other business, the RDA refused to grant a letter of support for a senior living facility proposed for the corner of Liberty Street and Pennsylvania Avenue.

“I do not want to recommend this,” authority member Holly LeMeur said. “I don’t think the location is right for this at all. I don’t think it fits historically in our downtown.”

She cited the city’s attempt to secure Build Back Better funding for the project that could result in that property becoming “the most valuable piece of property in our downtown.” She said that the “whole lower area” along the riverfront is thriving, which will drive interest “in places close to that location.”

Authority member Doug Hearn said he supports the project.

“I believe that it can be made in such a way that it looks like part of the historic architecture of the area,” he said. “I think it’s a project that is needed for housing. I know from many people how hard it is to find housing when you want to downsize.”

He said supporting the project would also be a sign of support for city council, which has approved a support letter.

“I would like to see something happen to that corner,” Hearn said.

LeMeur questioned the materials that will be incorporated into the project.

“My understanding is that this one does not have that high of a price point” because there is “less real brick on the building.

“We’re not using materials that are going to last.”

Possible action on the letter died for lack of a motion.