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Hanover EDA OKs $92,500 Loan and $7,500 Grant for Hilltop Restaurant Remodel
Summary
The Hanover Economic Development Authority approved a $92,500 low-interest loan and a $7,500 matching grant to Red Lodge Holdings to support a remodel of the Hilltop restaurant; owners say they target an August reopening and plan to hire about 20–35 staff.
The Hanover Economic Development Authority on June 20 approved a $92,500 low-interest loan and a $7,500 matching grant to Red Lodge Holdings to fund remodeling of the Hilltop restaurant property.
City Administrator Jennifer Nash reviewed loan and grant applications submitted by the new owners. Applicants Ryan Brevig, AJ Stevens and Nastar Motlagh introduced themselves and said they are targeting an August reopening and expect to hire about 20 to 35 employees once the restaurant reopens.
The approved package pairs a $92,500 loan with a $7,500 matching grant; the grant is structured as reimbursement after the owners submit paid invoices to the EDA. Jessica Johnson moved to approve the loan and grant; Todd Bartels seconded. Board members voted unanimously in favor and the motion carried.
The investment is intended to support building and grounds remodeling to enable the business to reopen. The EDA record notes all loan payments in the existing portfolio are current. No additional conditions or timelines beyond the reimbursement requirement were recorded in the meeting minutes.
