Mt. Vernon Register-News

Local

September 7, 2010

Council to consider restaurant loan

By TESA CULLI tesa.culli@register-news.com

MT. VERNON — The city council will be hearing a recommendation from the Revolving Loan Committee to approve $400,000 for Buffalo Wild Wings.

The Revolving Loan Committee approved the loan on Aug. 11, and work on the store has begun on Potomac Boulevard. According to co-owner Lonnie Griggs, this is the sixth store he and his partner, Bill Zellman have built, and is expected to open in mid-November.

The total project cost for  construction and opening of the Buffalo Wild Wings restaurant is estimated at $2.1 million, and financial information provided by the two estimate the first year net sales in excess of $2.6 million. The company expects to have 19 full time jobs and 40 part-time jobs when it opens, which is above the requirement for obtaining a revolving loan.

Under terms presented by the Revolving Loan Committee, the $400,000 would be loaned at a 3 percent interest rate for seven years with a second lien position for the city on the building and equipment as collateral for the loan. If approved tonight, the company would receive $200,000 on completion of construction and the remaining $200,000 on opening for operation.

In other business, the council will:

n Hear a request to close Ninth Street from North Street to Casey Avenue and Jordan Street from 10th to Seventh Streets between 7 a.m. and 10 a.m. on Oct. 16 for the Southern Illinois Harvest Festival;

n Hear a request to close North Old Union Lane between 9 a.m. and 1 a.m. on Sept. 18 for the Bob Troutt Memorial Foundation;

n Hold a first reading on an ordinance to vacate a road at 4700 West Broadway requested by Roger Campbell; and

n Discuss a resolution requesting authorization from the Illinois Department of Transportation to temporarily close streets for the annual Christmas Parade on Dec. 4.

The council will meet at 7 p.m. tonight at the Rolland W. Lewis Community Building at Veterans Park.

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