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Committee backs emergency restructuring for local restaurant’s CDBG loan

Troy Budget & Finance Committee (committee meeting) · November 25, 2025

AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

The committee unanimously recommended emergency consideration to restructure a $300,000 CDBG economic development loan for a restaurant rebranding (Speakeasy → 41 Grill and Drafthouse), allowing six months interest‑only followed by catch‑up; staff said the borrower has remained current with payments and has about $174,000 outstanding.

The Budget & Finance Committee recommended emergency consideration to restructure a CDBG economic development revolving loan for a local restaurant that changed formats and reopened as 41 Grill and Drafthouse.

City staff said the loan (originally $300,000 to finance equipment for the business under the…

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