By Sam Wildow
TROY — The Troy City Council approved two loans for local businesses during its meeting on Tuesday, including for a new restaurant coming to 101 W. Main St.
The loan approved for Speakeasy Ramen, LLC was for the amount of $300,000 to finance equipment for a new location at 101 W. Main St. The loan is from the city’s Community Development Block Grant (CDBG) Economic Development Revolving Loan Fund.
“This committee (the Finance Committee) supports the recommendation of the Loan Review Committee of approving this loan application as meeting the intent of the CDBG Economic Development Revolving Loan Program and recommends that legislation be prepared approving the loan application in the amount of $300,000 to Speakeasy Ramen, LLC for the purchase of equipment for a new restaurant at 101 W. Main St. based on the terms recommended by the Loan Review Committee,” said council member William Rozell on Tuesday.
There is currently a Speakeasy Ramen restaurant located in Springfield, offering a variety of popular foods, including tacos, rangoon, sliders, ribs, and multiple ramen dishes. Speakeasy Ramen in Springfield also offers a variety of craft cocktails, draft beer, local brews, wine, and more.
According to city staff, Speakeasy Ramen opened its Springfield location in July 2019, receiving state and national praise.
A total investment of approximately $647,400 in equipment for the new restaurant is expected, and approximately 31 new jobs, including full- and part-time positions, are expected to be created. The income projections for the Troy location estimate $1.5 million for 2022 and $2.5 million in 2023.
The city’s small business loan of $300,000 has a repayment period of 84 months with a 2% APR.
The council also approved a loan of $141,000 coming from the city’s Small Business Development (SBD) Revolving Loan Fund to Allen Financial Group, LLC to assist with improvements to 80 S. Plum Street. Allen Financial Group purchased the location as part of an expansion that will allow the business to add three new advisors to the team and allow for the future growth of up to 15 advisors, according to its loan application with the city.
The improvements include new HVAC units with repairs to the roof, windows, hardwood floors, and exterior painting, according to city staff. The total project costs are estimated at $746,000. The loan will have a repayment period of 114 months with 2.5% interest.
Following that, the council amended its loan agreement with the business 107 W. Main LLC for the building located at 107 W. Main St., which is the former Masonic Temple. Sam O’Neal purchased that building under the business name 107 W. Main LLC in 2020, and in 2021, the business received a $100,000 loan from the city with a repayment term of 36 months. According to city staff, the loan funded the renovation of the building, allowing the owner to obtain three leases for the space, including Ivy Court, Magnolia Mae Boutique, and Speakeasy Miso.
On Tuesday, the council approved extending the repayment of that loan from the original three years to 20 years. According to the Finance Committee, this will allow the business to begin renovation work to the upper floors of the building sooner than anticipated. The owners have estimated that 50 to 60 new jobs will be created after the total renovation project is complete.
Also on Tuesday, the council authorized bidding to take place for the first phase of the West Main Street Improvements Project. The estimated cost of the construction of this phase is $7,700,000.
According to the city of Troy, the West Main Street Corridor Project includes a number of street, sidewalk, sewer, and traffic control improvements, including widening the street; replacing sidewalk and curbs as necessary; installing a tree/curb lawn; reconstructing a traffic signal; replacing waterlines, sanitary sewers, and storm sewers as necessary; and improving safety by upgrading traffic control devices and implementing access management techniques.
The necessity behind the project is that the corridor has been identified as a high priority location by the Miami Valley Regional Planning Commission and the Ohio Department of Transportation due to the number of crashes in the area.
Phase 1 of the corridor improvement project is set to begin in 2022 from Cherry Street to Ridge Avenue. Phase 2 will take place in 2023 from Ridge Avenue to the west of Dorset Road.
The council also authorized bidding to take place for polyphosphate, which is a chemical used at the Troy Water Plant. The estimated cost of the expenditure is $100,000.
The council later authorized phase 14 of the city’s Sidewalk Improvement Program. Phase 14 generally includes the areas along Morehead Street from Canal Street to Race Street; Scott Street from Morehead Street to Canal Street; Long Street from Ellis Street to Floral Avenue; Floral Avenue from Canal Street to Race Street; Jeep Street from Dixie Avenue to Race Street; Patton Street from Dixie Avenue to Race Street; and Dixie Avenue from Jeep Street to the dead end. Affected property owners will be notified and will have until April 15 to obtain a permit for the sidewalk work.
Next, the council authorized a resolution of necessity for the installation of sidewalks and a shared use path within the South Stanfield Road reconstruction project.
The council also authorized a grant application for $493,000 on behalf of the Buckeye House. The grant application is to the Ohio Department of Development for a Target of Opportunity Grant of CDBG COVID Response Funds.
The council later approved the Revised Subdivision Regulations after holding a third reading for the ordinance. The ordinance was approved by a majority vote with council member Sam Pierce the only vote against the ordinance. Council President William Lutz and council member Bobby Phillips were absent on Tuesday, so they did not vote.
A public hearing was also held for an ordinance to rezone a 2.484-acre parcel located on South Dorset Road at Arthur Drive from light industrial to local retail district. No one spoke for or against the ordinance. The ordinance will go back to its committee before going to a third reading before the council.
The next Troy City Council meeting will be held at 7 p.m. on Monday, Feb. 7, in council chambers on the second floor of City Hall, located at 100 S. Market St.
