By Jennifer Eisenbart
Editor
A planned downtown retail development in the former Schuette-Daniels Furniture building is moving forward.
On March 1, the City of Burlington Community Development Authority approved a $140,000 revolving business loan for WIN Properties, owned and operated by Shad Branen.
Branen purchased the Schuette-Daniels store, which was damaged in a fire in the spring of 2014, and announced last year the planned development.
The $140,000 loan is part of the financing puzzle for the building, which will house retail business on the main floor, offices on the second floor, and an open-concept co-working environment on the lower level.
Carolyn Engel of the Racine County Economic Development Corporation business lending partners, was on hand to explain the loan. Normally the loans are capped at $100,000, she said, but the RCEDC asked for the waiver due to Branen’s business plan to revive a portion of the downtown area.
The loan is coming with a small number of contingencies, including Branen’s other financing and money concerns being placed into the project first, an appraisal of the property and having leases in place.
Branen is also waiting to hear from the Wisconsin Economic Development Corporation on a $200,000-plus loan for the building.
Branen owns Plaza Theater in Burlington, and is planning a similar remake of the former Geneva 4 Theater in Lake Geneva.
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Once again those in the know get the taxpayer money. The corrupt system at work. Cant get nice enough loan terms from a bank? go to your buddies in government.
Wait a minute, cashconnected – who do you think should pay for the substantial repair of that charred, boarded up eyesore? You should be thanking Shad and his amazing business knowledge to CLEAN up Burlington time and time again like he has!
The owner or the owners insurance should pay or they should be fined and or condemned/foreclosed on. Looks like another payoff to city friends – amazing knowledge of how to use govt friends to ripoff taxpayers yet again. BTW never heard of “Shad” the name sounds made up.
That is right Mary lets once again put blame min those that are trying to help our city get better. You are probably from Waterford or maybe you would rather let our great city’s downtown fail. I commend those that are finding ways to give incentive to those that are willing to invest in our city!
This is not found money. Nor is it “The corrupt system at work”. It comes with tons of strings attached to insure it get used for the right purpose. Turning vacant buildings into a thriving business benefits the entire community. A building that “they should be fined and or condemned/foreclosed on”serves no purpose. Branen has his work cut out for him but if he succeeds, we all succeed.