EDC reports grants and loans for two downtown eateries; fund balance remains healthy

The Economic Development Commission reviewed recent incentive awards the village board approved for downtown businesses and received updates on several anticipated openings.

Staff reported that Bay 54, a proposed cocktail lounge in the former bike-rack space downtown, received a $38,000 grant and a $32,000 loan (to be repaid over 10 years) to fund ADA improvements, fixtures and interior buildout; the owners also plan a phased rear seating area and a small kitchen in a later phase. "They received a grant for $38,000, and then they also obtained a loan for $32,000, which they'll be paying off over 10 years," staff said.

Taco Dolly Cantina, taking over the former tap-house building, was awarded a $22,000 grant to finance interior work and a new refrigeration system; staff said the owner expected to open in the coming weeks and had scheduled a ribbon-cutting for Aug. 22. Kevin said Bay 54 is early in the permitting process and is targeting a late-fall or early-winter grand opening.

Staff also updated commissioners on broader leasing activity: Nori Sushi is open, Skechers is scheduled to open soon, Candy Cloud is expected next month, Crumble is targeting a fall buildout, and a Benderson-owned grocery tenant is expected by year-end; staff said about 10,000 square feet of additional retail space remains to be leased at the Benderson site.

Staff reported an approximate remaining incentive-fund balance of $1,718,000 and noted that two previously approved agreements (19 East Jackson Street and 7678 Main Street) received deadline extensions to the end of the year to allow additional time for substantial utility and roof repairs. The commission placed routine incentive approvals on the consent agenda at the village board after those minor amendments.