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OVERVIEW <br />Project Site <br />14221 Madison Avenue <br />Project Scope <br />Permanent improvements to the former Fridrich Moving & Storage Building including interior and exterior <br />rehabilitation; fagade improvements; code violation corrections; accessibility enhancements; and construction <br />of an approximately 1,600 square foot addition that will house a tasting room, gift shop, bottle sales, and a full - <br />service restaurant. <br />Borrower /Grantee Western Reserve Distillers, LLC <br />Contact(s) Kevin & Ann Thomas, Owners <br />City Programs Economic Development Loan Fund (CDBG) <br />Storefront Renovation Program (CDBG) <br />Project Timeline Substantial Completion by Fall 2017 <br />FINANCIALS <br />Total Project Costs Approximately $3 Million <br />Public Financing $100,000 (approximately 3,3966 of completed project value) <br />$90,000 CDBG Economic Development Loan forgivable over five (5) years at $18,000 per annum assuming <br />Borrower satisfiesjob creation, reporting, and other requirements. <br />$10,000 Commercial Property Revitalization Program (CPR) rebate applied to eligible fa5ade renovation and <br />code correction expenditures under program guidelines. <br />Private Financing Approximately $2.9M (approximately 96.7% of completed project value) <br />RATIONALE FOR CITY ASSISTANCE <br />Economic Development Fund (EDF) and Commercial Property Revitalization Program (CPR) financial assistance will <br />facilitate and expedite Western Reserve Distillers' transformative approximately $3M investment in the rehabilitation <br />and expansion of the former Fridrich Moving & Storage Building for the purpose of housing a distillery and full- service <br />restaurant that will create 25 -30 new jobs by Winter 2017 /Spring 2018; generate income and property tax revenue; and <br />fortify the burgeoning Madison Avenue commercial corridor. <br />LAKEWOOD'S ECONOMIC DEVELOPMENT LOAN FUND <br />The Economic Development Fund (EDF) provides low interest loans and grants to for - profit businesses seeking to <br />relocate to or expand their current operations in the City of Lakewood. The program's primary goals include stimulating <br />redevelopment and revitalization; creating new, permanent FTE jobs for low- moderate income persons; generating new <br />tax revenue; upgrading the City's commercial and industrial and building stock; and enhancing the Lakewood's regional <br />competitiveness. <br />