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Council approves restructuring of loan to 10:20 Craft Brewing after street-closure hardship
Summary
Council approved an amendment to loan agreements with Almost Home Brewing (10:20 Craft Brewing) to delay the first payment six months after the business said a street closure reduced foot traffic and caused temporary closure.
The council approved staff-recommended amendments to two 2022 agreements with Almost Home Brewing, doing business as 10:20 Craft Brewing, after the owner said reconstruction of an adjacent flood-wall opening and a Main Street closure diminished traffic and caused a temporary shutdown.
Staff summarized the original incentives: "The 1st incentive was a deduction of up to 150,000 to purchase the necessary brewing equipment and restaurant equipment for the project and then lease it back to $10.20 for a period of 5 years. The 2nd incentive was a traditional repayable loan in the amount of 250,000 at a rate of prime plus 2% for a 5 year term with semi annual payments," staff said. The owner requested restructuring to delay the first payment by six months; council approved the amendment unanimously.
Staff noted the loans were conditioned on investor equity, bank financing, lease agreements and full construction plans, and that the street closure, now reopened, had caused the hardship prompting the requested modification.
