TROY — Troy City Council committees will meet to discuss a new loan request for Smith’s Boathouse Restaurant at 5:30 p.m. Monday.
The finance committee will review the request for $126,875 from the city’s small business development revolving loan fund. Emergency legislation is requested. The loan includes closing fees.
The city’s Loan Review Committee, with four people present, OK’d the initial request last week. Larry Smith, owner, said the loan would be used to install a new bar area in the middle of the restaurant to seat more than 60 people. The current bar area would be turned into a small dining area. The new bar area is expected to increase sales by 15 percent.
According to Jim Dando, the city’s development director, the Boathouse Restaurant rent payments for 2017 totaled $32,740.43 and payments for the smaller part of 2016 were $6,200.
The loan repayment term is 10 years of monthly principal and interest payments with 3 percent simple interest. The first six months would be interest only payments during construction. The loan also includes a contingency clause to forgive up to $49,900 for the building improvements. The city owns the Marina building at Treasure Island Park. The building underwent renovation in 2015 for approximately $959,000. Smith’s Boathouse Restaurant business opened in November 2016.
The finance committee will also review a request declaring city owned vehicles and equipment as surplus and to be sold.
The Safety and Health Committee will also meet regarding a proposed amendment to the city ordinance related to curfew. The proposed changes include: all minors under the age of 18 will have the same curfew hours; hours to be changed with curfew being in effect 11 p.m. to 6 a.m. Sunday through Thursday and midnight to 6 a.m. Friday and Saturday night.
A curfew was first established in 1979. The curfew was part of the city’s solution to curb vandalism, loitering and “throwing soda cans, beer cans and Frisbees hitting parked cars” around downtown Troy and Sherwood Shopping areas.
Miami County’s curfew for minors under the age of 18 is 11 p.m. to 6 a.m.
The Utilities Committee will also review a recommended amendment to the sanitary sewer pre-treatment ordinance to update wording required by the Ohio EPA.