Patterson Block funding request tabled after revolving-loan and MRC questions

Applicants for the Patterson Block project told the commission they remain “anticipating closing in September, providing everything comes through the way it should,” but said a delay from the revolving loan fund and the city’s redevelopment commission would push closing past their contract date.

The applicants reported that the revolving loan fund indicated its intention to fund the project but asked for additional information. Commissioners pressed why the Muncie Redevelopment Commission (MRC) had not heard or placed the item on its agenda, and several members said they were uneasy about the county funding real estate purchases the county did not own.

One commissioner proposed meeting with the president of the MRC to understand the board’s position; others worried about setting precedent. After discussion the commission voted to table the Patterson Block request pending further communication with the MRC and updates from the revolving-loan fund, and instructed staff to keep the commission informed. The applicants cautioned that tabling would likely push closing into October and beyond their contract date.