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Investment may bring new life to laundromat

EAST LIVERPOOL — A local banker could be reopening the Laundromat on St. Clair Avenue if the Community Improvement Corporation (CIC) approves a recommendation made Tuesday by its finance committee.

Michael Palmer appeared before the committee to request a $20,000 small business loan to help with the anticipated $120,000 cost of the project.

Saying he is in the process of purchasing the building, Palmer said, “It needs a lot of work,” but said he has already purchased $100,000 worth of equipment.

He told the committee a consultant from Cleveland has determined a Laundromat will do well in this area and said it will contain all new equipment, including a system by which customers can use their credit or debit cards to operate the machines.

“We don’t have anything like it within 50 miles,” Palmer said, saying that alone cost $60,000.

After being in the banking business 22 years, Palmer said he decided having his own business is something he wanted to do.

Palmer said the loan would be short term, only until he can receive the money from a stock option from his former banking company, which was purchased from his current one.

Member Al Fricano noted he is putting up a sizable investment, and Mayor Ryan Stovall said he has known Palmer all his life, noting he is a U.S. Navy veteran and saying, “I think we should help our veterans when we can. He’s already purchased $100,000 worth of equipment, so he’s already got skin in the game.”

Fricano made the motion to recommend the loan to the CIC’s full board, which was approved unanimously.

A meeting of the full board has not yet been scheduled.

The property committee also met Tuesday to discuss the possibility of purchasing the former Dan’s Bar on Sixth Street, with CIC President Pat Scafide saying he has had two conversations about the proposal with owner Dan Brandt.

Member Ray Perorazio asked if there are any plans for the property, with executive Director Bill Cowan saying, “There’s not really a plan, but there’s a lot going on downtown, and it’s immediately adjacent to the city’s parking lot.”

Stovall said the piece of property is a “key piece for downtown plans.”

Cowan had added to the agenda the topics of moving forward with asbestos services and a lien search for the property, but members voiced concerns that it was putting the cart before the horse somewhat, since no sale price has been negotiated.

It was agreed to try and negotiate a firm price for the property before taking any kind of action.

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