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RDA approves two small‑business loan amendments for downtown dining openings
Summary
Midvale's Redevelopment Agency unanimously approved (1) an amendment delaying Greek Street Taverna's first loan payment to Sept. 1 after a grease trap issue and (2) a collateral substitution for Bambino LLC's existing loan; both actions preserve original loan terms and were recorded July 7.
The Midvale Redevelopment Agency (RDA) board on July 7 approved two loan‑related amendments intended to keep two downtown restaurants on track to open and operate.
For Greek Street Taverna, RDA staff Aubrey said a miscommunication with contractors about a grease trap delayed construction but the issue is resolved. The board approved an amendment moving the restaurant's first loan payment to Sept. 1; the loan terms remain $80,000 at 2% interest for seven years and collateral requirements are unchanged.
For Bambino LLC (the pizza restaurant on Main Street), RDA director Kate Andrus said owners requested substitution of the property securing a prior $250,000 loan; the proposed new residential collateral is owned by a co‑guarantor and staff reported title review and legal checks were complete. The amendment preserves all loan terms, requires the co‑owner spouse to sign a guarantee, and was approved unanimously.
Both items were adopted with motions to suspend the rules and approve the respective resolutions (RDA Resolution 2026‑17 and Resolution 2026‑19). Board members noted the downtown commercial activity as positive and expressed enthusiasm for the new businesses' openings.
