IRA committee recommends $100,000 loan for Ithaca Coffee Company’s new Hancock location

The Ithaca Redevelopment Agency committee on Jan. 14 recommended a $100,000, seven‑year loan to Ithaca Coffee Company to support a new location at 702 Hancock, moving the item to the full IRA meeting for final action.

Why it matters: The company plans a bricks‑and‑mortar espresso bar in a location adjacent to planned road and development improvements. Agency underwriting concluded the loan carries moderate to low risk because the business owners have prior successful borrowing history and projections were reasonable. The loan package as underwritten includes additional working capital and uses totaling about $200,000 in project costs.

Julie Crowley, representing Ithaca Coffee Company, told the committee she owns the business, will invest in the space and expects visibility and customer access to improve as nearby infrastructure develops. “I just have to assume that whole area is gonna get developed,” she said, adding that the company will put an awning on the building and plans for exterior improvements and a small patio.

Agency staff noted the underwriting adjustments increased working capital in the final application and that the resolution includes a standard 100‑basis‑point interest rate reduction once job‑creation goals are met and additional reductions for automatic payments. Committee members asked about visibility, timeline to planning approvals and how the surrounding road design might affect access; staff said some road work is DOT‑controlled and the timing is not fully defined. The committee moved the recommendation to the IRA meeting on Jan. 24 for final approval.