MONROE - The asking price for Barrett's Brick Cafe, the now-defunct upscale restaurant on 18th Street in downtown Monroe, has just been dropped by more than 30 percent, some $90,000, from the asking price just two months ago.
The City of Monroe Revolving Loan Fund Committee lowered the price from $285,000 to $195,000, with all equipment included, late Thursday after a 40-minute closed session with representatives from the Woodford State Bank in Monroe.
The cafe closed this spring, leaving the city with a first lien on the restaurant equipment and fixtures and a second mortgage on the real estate property under a revolving loan contract.
About $95,000 remained on that loan when the business closed.
Woodford State Bank holds a first lien on the building for a loan of about $250,000.
How the city and bank will divide the proceeds from the sale, if and when the business does sell, still has not been decided, according to Mike Doyle, chairman of the committee.
In June, the movable restaurant equipment was appraised at about $12,700 and the real estate at about $240,000.
The business was put on the sale block in July, after the bank and the city decided to work together to offer the cafe and its equipment as a package to bring the best offers from interested buyers.
At that time, Doyle estimated that the city could receive about $35,000 of the $285,000 asking price, but committee members and bank representatives had not negotiated how to divide the proceeds.
The Revolving Loan Fund Committee was scheduled to discuss buying the restaurant to protect the city's interest in the property in its closed session on Thursday. However, when the meeting re-opened, no member mentioned the city buying the property.
Under Wisconsin law, city committees can discuss purchasing property, investing funds, and certain other business related to contracts in closed session.
The City of Monroe Revolving Loan Fund Committee lowered the price from $285,000 to $195,000, with all equipment included, late Thursday after a 40-minute closed session with representatives from the Woodford State Bank in Monroe.
The cafe closed this spring, leaving the city with a first lien on the restaurant equipment and fixtures and a second mortgage on the real estate property under a revolving loan contract.
About $95,000 remained on that loan when the business closed.
Woodford State Bank holds a first lien on the building for a loan of about $250,000.
How the city and bank will divide the proceeds from the sale, if and when the business does sell, still has not been decided, according to Mike Doyle, chairman of the committee.
In June, the movable restaurant equipment was appraised at about $12,700 and the real estate at about $240,000.
The business was put on the sale block in July, after the bank and the city decided to work together to offer the cafe and its equipment as a package to bring the best offers from interested buyers.
At that time, Doyle estimated that the city could receive about $35,000 of the $285,000 asking price, but committee members and bank representatives had not negotiated how to divide the proceeds.
The Revolving Loan Fund Committee was scheduled to discuss buying the restaurant to protect the city's interest in the property in its closed session on Thursday. However, when the meeting re-opened, no member mentioned the city buying the property.
Under Wisconsin law, city committees can discuss purchasing property, investing funds, and certain other business related to contracts in closed session.