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Committee recommends $295,000 loan for Rudy Smokehouse and asks council for emergency approval
Summary
The loan review committee recommended a roughly $295,000 CDBG revolving‑loan to Synergy Point LLC d/b/a Rudy Smokehouse to finish kitchen equipment and interior work; terms proposed include 84 months at 0.5 of prime (3.375%), UCC collateral and personal guarantees, and staff asked for emergency legislation for prompt closing.
The Troy Finance Committee recommended that council approve a revolving‑loan of approximately $295,000 from the CDBG Economic Development Revolving Loan Fund to Synergy Point LLC, which operates as Rudy Smokehouse at 111 West Water Street. "They're requesting a loan of approximately $295,000, a little over 294 of a $414,000 project," Mr. Titherington told the committee while describing the loan review committee's recommendation.
Mr. Titherington said the loan would include bank financing and applicant equity, with a term of 84 months and interest pegged at 0.5 of prime (3.375%). Collateral would include a UCC filing on financed equipment and personal guarantees reviewed by the city auditor as a committee member. Committee members asked for specifics about use of funds and were told the money is "primarily [for] kitchen equipment" to finish work the applicant began before signing a lease.
Members noted the building’s renderings in the packet and expressed support for the downtown improvement. The committee moved unanimously to recommend emergency legislation so the loan could close without delay and the restaurant could aim to open in September. The transcript records the committee's recommendation; final council approval is not included in this record.
