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Committee approves four‑month interest‑only for Speakeasy Ramen loan, clarifies it's a forbearance amendment
Summary
The Finance Committee unanimously recommended emergency legislation to amend the CDBG economic development loan for Speakeasy Ramen LLC d/b/a Grill and Drafthouse to allow four months of interest‑only payments; staff clarified the change is a forbearance to be tacked on to the end of the loan and recalculated into payments.
The loan review committee unanimously recommended that council approve an amendment to the CDBG economic development loan for Speakeasy Ramen LLC d/b/a Grill and Drafthouse at 101 West Main Street to permit four months of interest‑only payments. Mr. Titherington explained the business has stayed current on payments and is refocusing on its Troy location after selling a Springfield property. "They have been current. They have stayed current on their payments... With the sale of the Springfield facility, want to concentrate on growing the business here," he said.
Committee members asked whether the change constituted closing the loan; staff clarified it is an execution of new documents to effect a forbearance. "Just to get them to execute the forbearance," a committee member said during the exchange. Mr. Titherington added that the deferred interest would be "tacked on at the end" and the payment schedule would be recalculated into the P&I payments. Members moved unanimously to recommend emergency legislation to allow staff to finalize the amendment.
The committee's recommendation was recorded in the transcript; final council action and loan documents were not included.
