Danville approves $300,000 revolving loan for new downtown restaurant

The Danville Town Council on Oct. 31 approved Resolution 20-20-25, creating a revolving loan fund and awarding a $300,000 loan to a restaurant project at 20 West. Staff said the loan is structured so portions become forgivable if the business meets operating and tax‑payment conditions over a multi‑year schedule.

Staff presentation noted the loan proceeds are limited to capital expenses — machinery, structural carpentry, HVAC, and certain outdoor improvements — and described a promissory note that schedules forgiveness roughly in $60,000 increments over a five‑year period if the business remains in operation and stays in substantial compliance with the redevelopment agreement. The loan is intended to be administered with oversight from the town and the redevelopment commission and may be recovered if conditions are not met.

A representative for the restaurant team described construction starting this week, plans for a mixed family-dining and upscale sports bar layout, a private room for about 25 people, and an outdoor area with a shipping‑container bar. The presenters said the property has been vacant for nearly eight years and they looked forward to the investment in downtown.

Council Member Mister Chatham moved to approve the resolution. A roll call recorded ayes from Brad Dowell, Greg Murphy, Michael Chowell and Dave Wagner; the motion carried 4-0.

Council members and staff emphasized the loan’s conditional forgiveness and its limited uses, and said formal loan documents and a draw schedule will be finalized before funds are released. The town intends to monitor compliance and may seek repayment if agreed conditions are breached.