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Redevelopment agency approves amended loan terms for Honeysuckle Coffee and adaptive reuse loan for 75 11 Main Street
Summary
The Midvale RDA unanimously amended loan timing for Honeysuckle Coffee's $250,000 loan and approved a $250,000 adaptive reuse loan term sheet for 75 11 Main Street; both are seven-year, 0% loans with payments deferred until project completion.
The Midvale Redevelopment Agency (RDA) unanimously approved two loan-related actions Oct. 7: an amendment to Honeysuckle Coffee Co.'s business-loan term sheet to delay the loan-payment start date to July 1, 2026 if the business does not open before that date, and a term-sheet approval for a $250,000 adaptive-reuse loan to 75 11 Main Street LLC.
Redevelopment staff said Honeysuckle's construction has not progressed enough for a 2025 opening, so the loan’s payment start date was moved from Dec. 1, 2025 to July 1, 2026 (or earlier if the business opens before that date). Loan terms remain $250,000, seven years, 0% interest. The 75 11 Main Street loan is tied to the same redevelopment project; demolition has started and the RDA approved the term sheet with the same principal, term and collateral conditions to support adaptive reuse and construction.
Outcome: Both RDA resolutions passed unanimously (RDA Resolution 2025-10 approving the Honeysuckle amendment and RDA Resolution 2025-11 approving the 75 11 Main Street term sheet). Staff said they will proceed to loan closing and disbursement once construction milestones and loan conditions are satisfied.
