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Council approves three emergency resolutions to amend and authorize CDBG/SPD loans for local restaurants
Summary
Council adopted emergency resolutions to amend a CDBG loan for Speakeasy Ramen (interest-only for four months) and to approve loans for Smith’s Boathouse Restaurant LLC and Synergy Point LLC (Rudy Smokehouse), allowing staff to file applications and close loans promptly.
During its Aug. 3 meeting, Troy City Council approved a set of loan-related emergency resolutions recommended by the revolving-loan review committee. The measures included an amendment to a CDBG economic development loan for Speakeasy Ramen LLC to allow interest-only payments for four months beginning Sept. 1, a new SPD revolving loan for Smith’s Boathouse Restaurant LLC for improvements at the city-owned Treasure Island Marina building, and a CDBG ED revolving loan of $294,160.84 for Synergy Point LLC (dba Rudy Smokehouse) to buy restaurant equipment for a new location at 111 West Water Street.
Committee and staff said the Speakeasy change is a temporary forbearance while the owner completes the sale of another location: "It's only a forbearance... it'll get added back to the end of the loan," a committee speaker explained. Council suspended the rules on first reading for each resolution and adopted them by roll call.
Council emphasized that the loans include conditions and that funds will support local business investment and job creation as the applicants pursue expansion or relocation of services within Troy.
