Applicant

Don & Lauri Bittner

Building

114 E. First Ave E

Proposed Use

Bakery

Loan Request

$75,000

In reviewing the application with the Applicant, staff has identified uses that would be qualified for the match and included some additional items like the existing sign that can be restored.  Since this is a 50% match of actual funds expended, staff is recommending up to $60,000 for the loan amount with a 10 year recapture period should the building be sold (10% per year reduction). They currently have only have one bid, which staff believes does not cover all the items necessary to renovate the exterior.  The Applicant is working with local contractors to get additional bids.

The Applicant will have more than $300,000 invested in the building and business since many items need to be brought up to code, including a new roof that is not covered by this grant. This building has not open to the public for several years and is adjacent to the DECO Apartments.  There has been a large amount of community support to have a bakery downtown since it is a major traffic generator and is a unique piece of community history.

Past awards by the EDA are:

120 First Ave E               $50,000 (2017)

126 Holmes Street S      $35,000 (2017)

507 First Ave E               $30,000 (2017)

116-120 Holmes             $50,000 (2017)

205 Lewis Street             $28,650 (2019)