By Sam Wildow
TROY — The Troy City Council on Monday authorized a new Small Business Development Revolving Loan Fund (RLF) loan for the new business leasing 8 S. Market St. in downtown Troy, as well as modified an existing RLF loan for the property owner of that location.
The council authorized a new RLF loan in the amount of $150,000 to go to Fermentum Enterprises, LLC, to assist with the purchase of equipment to operate Crafted & Cured at 8 S. Market St.
According to the staff report on the loan application, Crafted & Cured started in 2016 in downtown Dayton, offering charcuterie, 60 tap beers, ciders, meads, boutique wines, champagnes, cocktails, whiskeys, bourbons, and more, including artisanal meats and cheeses. Its location in Troy is also expected to offer a lunch menu of soups, salads, and sandwiches for dine-in or carry-out.
The applicants behind Crafted & Cured secured a lease at the former U.S. Bank building located at 8 S. Market St., and they have also worked with U.S. Bank to secure a loan of $150,000. The applicants are also investing $40,000 of private funding, bringing the total project cost of $340,000. The project breakdown is 44% city of Troy RLF loan, 44% U.S. Bank, and 12% private equity.
The city’s RLF loan details include a loan repayment term of 114 months, or 9.5 years, with a 2.75% interest rate, with the first six months of interest-only payments. Collateral will be a first position lein on business equipment.
Next, the council authorized modifying an RLF loan to Four Sons Development, LLC for property located at 8 S. Market St. The 2019 loan to Four Sons Development, LLC for the property located at 8 S. Market St. will have the remaining balance refinanced for 15 years at a rate of 3.25%. At-large council member Todd Severt abstained from voting on this item.
In other news:
Also during Monday’s meeting, the council authorized rising costs for a variety of city projects, including the following:
• Increased authorization for the West Main Street Reconstruction Project Phase 1 from $7.7 million to $9 million;
• Increased bidding authorization for the West Main Street Duct Bank Project from $1 million to $1.5 million; and,
• Increased authorization for the 2022 Paving Program from $1,010,000 to $1,115,000.
According to the Streets and Sidewalks Committee report, the projects have been impacted by contractors’ lack of workforce, escalating transportation costs, increases in material pricing, and supply chain issues.
The West Main Street Reconstruction Project includes a number of street, sidewalk, sewer, and traffic control improvements. The duct bank project includes the burying of utility lines on West Main Street, and the annual paving program aims to resurface over a dozen lane miles of city streets.
Later on Monday, the council authorized extending its moratorium on demolitions for the Historic Preservation Overlay District. That ordinance was approved by a majority vote as fourth ward council member Bobby Phillips voted against the ordinance. The moratorium will be extended for another 60 days to allow for city staff to come with recommendations to council regarding demolition requests for the Historic District.
Fifth ward council member William Twiss was absent from Monday’s meeting.
The council also approved the following items on Monday’s agenda:
• Accepted the utility and drainage easements between inlots 9305 and 9306 on County Road 25A for the WACO Airfield Plat;
• Vacated a three-foot wide alley at 121 Public Square NE;
• Vacated a 30-foot wide public walk between 1291 and 1285 York Lane;
• Declared city property as surplus and authorized the sale of those things, including a 2013 Ford Explorer, a 2005 Chevy Equinox, a 2001 Chevy Silverado 1500 pickup, 368 plastic chairs, and several lots of tasers; and,
• Authorized the final acceptance of the Mortell Annexation, which includes 25.3483 acres from Concord Township.
The three-reading rule was suspended on the legislation above. Two rezoning requests were also discussed Monday in public hearings, and those resolutions will be held over for a third reading.
The next Troy City Council meeting is scheduled for 7 p.m. on May 16 in council chambers at City Hall, located at 100 S. Market St.