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Agency vote is just the start
The Urban Renewal Agency issued its decision. Now the work begins.
Grocer Troy Berglund and developer Al Adelsberger got to work almost immediately following last week’s decision by the La Grande URA to help them fund a grocery store, Market Place Family Foods, in the old Blockbuster building on the corner of Fourth Street and Adams Avenue.
For the applicants, the decision by the URA to loan them $500,000 with a possibility of the funding turning to a grant was one that provided a sense of relief but also signals the start of a large renovation project.
“I just started thinking about how much work I have to do,” Berglund said Thursday. “We’re not going to put the grand opening banner up for a while.”
Though the grocer had some nerves going into Wednesday night’s meeting, he felt he had done all he could and was prepared for the vote either way it went.
With some financing secured, Berglund and Adelsberger now move on to securing a Small Business Administration loan, a process that could take anywhere from 60 days to six months. Once financing for the at least $1.3 million project is secured, construction will commence.
Adelsberger said he’s optimistic about the grocery store’s prospects, not only because he believes in the project but because he believes in Berglund.
For the complete story, see Monday's edition of The Observer.