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Speedway commission approves $300,000 economic development loan for Lynn O's restaurant
Summary
The commission approved a $300,000 economic development agreement for Ken Mar Sixteenth and Lynn LLC to support equipment and fit-out for the new Lynn O's restaurant; the loan will be repaid $60,000 annually over five years and is not forgivable, commissioners said.
The Speedway Redevelopment Commission unanimously approved an economic development agreement Tuesday to provide a $300,000 loan to Ken Mar Sixteenth and Lynn LLC to support equipment and other costs for the restaurant branded as Lynn O's.
Economic Director Kyle Markley told commissioners the $300,000 is not forgivable and will be repaid in annual payments of $60,000 over five years. Commissioners asked about the total private investment in the project; Markley estimated the developer’s investment at roughly $1,441,500 and said he would confirm the exact figure for the record.
Commissioners discussed that the restaurant name is a play on Lynnhurst — stylized as Lynn O's — and noted Ken Mar has previously invested in renovating the property. The commission voted 4-0 to approve the economic development agreement.
The action establishes the loan and repayment schedule; the commission did not amend terms or convert any portion to a forgivable grant during the meeting.
