[RP TownTalk] Requested Economic Development Info

[Jonathan Ebbeler]

Alan –

As you know the legislation allows for grants of up to 50% of the total cost with all disbursement rules and regulations determined by only the Economic Development Committee.  Now that I have resigned it is up to you and CM Lingua to approve these requests:


1)      Ernie’s Lock.  Façade Improvement of new awnings at a total cost of $7,760.  This was more a product of our Town Administrator’s work than anything I did (other than author the enabling legislation).  You have this information already since it came through MUTC.  Sara Imhulse was able to line them up for the grant request.  Happy to see a local business making façade improvements though!

https://www.dropbox.com/s/b5yh0mzrf4dbbio/Ernie%27s_Lock_Request.pdf?dl=0


2)      Town Center Market

Patio improvements which are a Phase I to enable them to be able to accommodate the new County Council legislation requiring Food Truck Hubs be established.  Total Build Cost to be bid but estimated at $150k-175k

https://www.dropbox.com/s/9bf9w98hejfw9yw/TCM_Request.pdf?dl=0



3)      Bikram Yoga

The request attached was for an expansion of 2500 sq ft at a cost of $83k for a facility to do hot pilates, lifestretch, yoga nidra, and other specialties including acupuncture.  The request was modified as of 4/28 to explore the potential of leasing and building out the entire remainder of the 2nd floor.

https://www.dropbox.com/s/hcnh71puv0ad4i9/Bikram_Request.pdf?dl=0



4)      Janish Beer Company

The request and information attached is for the buildout of a brewpub at a total cost of $562,650 with the town support requested at $56,325.  I am attaching all applicable information including the Douglas Development Letter of Intent,  the Letter of Intent I sent over (a product of the funding request email I communicated to the Mayor, former CM Rosario and yourself on 11/21/15), the Janish Beer Company Business Plan, and the SBA term sheet through Eagle Bank.

https://www.dropbox.com/s/ft43r93e66jski6/Janish%20Beer%20Company%20-%20Riverdale%20Park%20-%20LOI.pdf?dl=0



https://www.dropbox.com/s/d7hiqxamu2j8vrk/Janish_LOI.pdf?dl=0



https://www.dropbox.com/s/ka9mtgnsxo8qtj8/Janish%20Beer%20Company%2C%20L.L.C.%20Business%20Plan.pdf?dl=0



https://www.dropbox.com/s/0mhlktt7z06svzd/Janish_Termsheet.pdf?dl=0



It is your Committee now so do what you want with the requests, but I have received close to 20 emails from people in the community expressing concern that these will now fall through.  There is $160k+ left in the Economic Development budget appropriated in this Fiscal Year that could be spent or encumbered by 6/30/16.  The Committee should be able to accommodate the full Janish request that is a year in the making as well as making a significant dent in the expenditures for Bikram, Ernie’s, and TCM.  Banks look very favorably on the total financing package when the municipality backs the project.


JWE
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