MONROE - The Monroe City Council Tuesday night unanimously approved a $100,000 loan to Barrett and Lisa Allman to open a new restaurant just off the Square.
The money from the Revolving Loan Fund would be for the creation of a restaurant in units 112 and 113 on the ground floor of the Monroe Professional Center on 10th Street.
The loan is contingent upon the applicants' approval by Woodford State Bank, which will administer the loan. The money will cover $40,000 in equipment, $50,000 in building improvements and $10,000 for working capital. The city will have first lien on the equipment, second lien on the future restaurant and second lien on a home in Oregon state.
City Administrator Mark Vahlsing said the Revolving Loan Fund has $400,000 in it.
The risk of this loan is "consistent with other loans," he told council members.
Alderman Jan Lefevre, a member of the committee, said the loan requires the creation of jobs in the business. One half of the jobs must go to low-to-moderate income persons.
"With this comes two full-time and two part-time jobs," she said.
This will be the Allman's second restaurant; they own a restaurant in the state of Oregon.
Barrett Allman is a chef and plans an open-kitchen design for the restaurant. The American fare menu will be based on local ingredients, including the products of local cheesemakers and sausage makers.
The couple said they expect construction to take three months. They hope to open by Cheese Days.
The money from the Revolving Loan Fund would be for the creation of a restaurant in units 112 and 113 on the ground floor of the Monroe Professional Center on 10th Street.
The loan is contingent upon the applicants' approval by Woodford State Bank, which will administer the loan. The money will cover $40,000 in equipment, $50,000 in building improvements and $10,000 for working capital. The city will have first lien on the equipment, second lien on the future restaurant and second lien on a home in Oregon state.
City Administrator Mark Vahlsing said the Revolving Loan Fund has $400,000 in it.
The risk of this loan is "consistent with other loans," he told council members.
Alderman Jan Lefevre, a member of the committee, said the loan requires the creation of jobs in the business. One half of the jobs must go to low-to-moderate income persons.
"With this comes two full-time and two part-time jobs," she said.
This will be the Allman's second restaurant; they own a restaurant in the state of Oregon.
Barrett Allman is a chef and plans an open-kitchen design for the restaurant. The American fare menu will be based on local ingredients, including the products of local cheesemakers and sausage makers.
The couple said they expect construction to take three months. They hope to open by Cheese Days.