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Commission approves amended promissory note and personal guarantee to enable sale of Jolly Fox building
Summary
The commission approved an amended promissory note and personal guarantee from Brandon Davis to secure repayment of the city’s original $200,000 loan to Jolly Fox Brewery LLC, allowing the building to be sold to enable occupancy by Guadalajara restaurant and keep the property in productive use.
The Pittsburg City Commission approved an amended promissory note and updated personal guarantee to secure repayment of a previously approved city loan to Jolly Fox Brewery LLC, a loan originally made in 2019. Brandon Davis, who said he has been personally making regular payments during efforts to sell the property, presented a plan to complete repayment while allowing a local restaurant to acquire the building.
Background: The original $200,000 city loan supported construction of a brewery that subsequently closed during the pandemic. Ownership and repayment arrangements shifted over time; staff said Jolly Fox has continued repaying the debt and that the proposed amended note would preserve city repayment while permitting a sale of the building.
Questions from commissioners focused on missed payments during pandemic-related closures, the current unpaid principal balance and the city’s security interest. Mr. Davis said he has been making regular payments, is providing a personal guarantee and expects the amended agreement to accelerate repayment on a three‑year timeline. Staff confirmed the city will maintain a secondary security position and that sale proceeds would flow to the primary lender first but that the personal guarantee remains enforceable.
Outcome: The commission approved the amended promissory note and guarantee by motion and voice vote, with staff to finalize terms and continue oversight through the finance department.
