Loan OK'd for ad firm to buy building

August 15, 2002|BY A SUN STAFF WRITER

Baltimore's Board of Estimates approved a low-interest $750,000 loan yesterday to help an advertising firm buy a North Charles Street building and parking lot.

Trahan, Burden & Charles Inc. has rented the property at 1030 N. Charles St. since 1990 but considered moving out of the city when the owner put it up for sale, said Allan Charles, company president.

The city offered the 15-year, 2 percent fixed-rate loan to entice the company to stay. TBC employs 100 people in its advertising, public relations, e-commerce and direct marketing operations.

TBC will use the city loan, along with private equity and another loan, to buy the building and lot for $3 million.

City officials called the company's presence on North Charles Street an "anchor" to redevelopment in the area.

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