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Council approves $150,000 city loan to Democracy Brewing to renovate former St. Joseph's building
Summary
The council approved a $150,000 interest-bearing, non-forgivable loan to Democracy Brewing to support renovation of the former St. Joseph's Church on Main Street; loan committee recommended approval despite underwriting concerns; vote was unanimous.
Lewiston's City Council voted to approve a $150,000 interest-bearing loan to RIA Group LLC, doing business as Democracy Brewing, to help finance renovation of the former St. Joseph's Church on Main Street into a brewery, restaurant and event venue.
The loan is structured as a $150,000, 3.0% interest, 13-year note with three years of repayment forbearance to allow the project to begin operations. Director Nate Libby told the council the company had already secured the bulk of…
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