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Commission approves $35,000 gap loan to Winston’s LLC to finish downtown bar project
Summary
The commission approved a $35,000 Economic Initiative Fund loan to Winston’s LLC for gap financing on a $400,000 downtown bar renovation; staff said the project would add roughly 10 full-time and five part-time jobs.
The Kalamazoo City Commission on Dec. 1 approved a $35,000 Economic Initiative Fund loan to Winston’s LLC (224 E. Michigan Ave.) to cover unexpected construction costs on a downtown bar project.
Bobby Boyd, the city’s economic development supervisor, told commissioners the loan functions as gap financing and that the total project cost is approximately $400,000. Boyd said the project is expected to add 10 full-time and five part-time positions locally. Commissioners asked staff about program criteria and whether developers may receive multiple loans; Director Mitchell said multiple loans to a single development company for distinct projects are permitted but a default would bar further funding until obligations are resolved.
Vice Mayor Duncan moved approval and Commissioner Hoffman supported the motion; the roll-call vote was unanimous.
Members of the public referenced prior small-business loans the commission approved as examples of local impact. Staff said the Economic Initiative Fund is promoted primarily via the city website and direct outreach to developers.
The loan approval authorizes the city manager to execute documents to finalize the award.
