TR committee approves loan for U.S. Cellular store

By Cindy Hodgson, Herald Times Reporter

TWO RIVERS — The Two Rivers Business and Industrial Development Committee on Tuesday approved a $40,000 loan to Robert and Susan Stumpner of the Hartford area for purchase of the building at 1613 Washington St., according to Dan Pawlitzke, economic development supervisor.

The loan is for eight years at 3 percent interest, Pawlitzke said.

The Stumpners plan to open a U.S. Cellular retail store in the building. It will employ two people, Pawlitzke said.

He said the Stumpners plan to open the store in late June or July.

In other action, the BIDC decided not to require Sam Gabuzzi, owner of the building at 1820 Jefferson St., to obtain a new life insurance policy because he no longer is actively involved in the operation of the L.I.F.E. Fitness Center housed there, Pawlitzke said.

Gabuzzi owns the building and acts as a landlord, but the Holy Family Memorial health network now operates the center. Gabuzzi’s original loan was issued as a business enterprise, but the city authorized the change to a landlord loan when Gabuzzi handed operations over to Holy Family.

Gabuzzi allowed a life insurance policy used as collateral to lapse, which was a violation of his loan agreement. He asked the city to drop the insurance requirement, but the committee denied that request in April.

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