This was an out-of-the-ordinary, extreme HRA loan. Anoka's housing rehab revolving loan program was 5% APR maximum of $15,000 for residential, single-family.
Historic property revolving loan program was 5% APR maximum of $30,000 for residential single-family. See www.ci.anoka.mn.us
302 Fremont was $200,000 at .75%. . .yes, that's right. . . less than 1% for 10 years.
During the last election season mayor Skogquist and his running mate Aaron Barr were confusing this loan with the Jackson Street Condos project and making invalid comparisons. Young Skogquist wouldn't know the difference (and still doesn't get it: 1-29-07 work session) but Barr the Wells Fargo, now MinnWest Bank Guy should have.
For the record: The Condos loan is $200,000 for 18 months at 2%. It is a short term commercial construction loan. It leverages a 1.7 million dollar privately financed project.
The Jackson Street Condos project includes three parcels with up to 10 units. (Possible 4 residential, 5-6 commercial).
The 302 Fremont loan was a politically crafted disaster. Crafted by Skogquist, greased through the city process by his manager, Cruikshank. Skogquist has waffled between calling 302 historic preservation, blight correction and his legacy. Someone suggested the Heritage Preservation Commission slap a plaque on it: "Boy Too Big for His Britches" responsible for this boondoggle. Or "Here lie the remains of Bjorn Skogquist's political career".