The proposed loan would be for seven years at 4.5 percent interest. The first nine months of payment would be interest only.
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The loan would involve $125,000 from the city Community Development Block Grant Revolving Lan Fund and $125,000 from a new CDBG grant being requested from the state, said Tim Davis of the city development office. The state has given pre-approval to the grant and will be asked for final approval, if city council approves the application.
The total project cost was listed at $802,140. The total loan amount of $253,807 would include the loan closing fee.
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“They have been very successful up north and look to continue that momentum as they move down south here,” Davis said.
The application was by Tabernacle Brewing Co. LLC, doing business as Moeller Brew Barn. Anthony Scott, the other partner, and Moeller attended the committee meeting. Moeller Brew Barn operates a brewery and tasting room in Maria Stein and is undertaking a $1.5 million expansion to add a restaurant there.
The Troy building is owned by Keystone Homes, where Scott is president, and will be leased by the business for 10 years.