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Heath EDC reviews $250,000 loan request from local restaurant for outdoor expansion
Summary
The Heath Economic Development Corporation on Tuesday reviewed a $250,000 loan request from the operators behind Standard Service to fund additions including pergolas, shade trees, pickleball courts and a children’s playground.
The Heath Economic Development Corporation on Tuesday reviewed a $250,000 loan request from the operators behind Standard Service to fund additions including pergolas, shade trees, pickleball courts and a children’s playground.
Staff presented the business’s original proposal — an interest-free $250,000 loan repaid quarterly at 1% of sales — and a revised offer that would tie disbursements to contractor invoices, carry a 6.25% amortizing interest rate, require quarterly repayments equal to 1% of sales with a balloon payment at the end of year five if unpaid, and include personal guarantees from Elias and Samir,…
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