TROY OHIO  TROY CITY COUNCIL COMMITTEE MEETING COUNCIL CHAMBERS, CITY HALL 100 S. Market Street, Troy, Ohio  MONDAYJUNE 10, 2024.6:00PM Community Partnerships Commilttee  (Marshall [Chm.], Severt, Twiss)  1. Provide a recommendation to Council regarding a Resolution supporting the Ohio Commission for the  United States Semiquincentennial America250-OH).  Finance Committee  (Severt [Chm.), Schilling, Weslfall)  1. Provide ar recommendation: to Council regarding the recommendation of the Loan Review Committee that Council authorizes the execution of a subordination loan agreement for 107 WI Main LLC to Minster Bank sO that the business can finalize a loan to make improvements to the upper floors of the building. The City's loan will remain adequately secured. Consideration of emergency legislation is requested sO that 107 W Main LLC and Minster Bank can complete the subordination process as soon as possible to 2. Provide ar recommendation: to Council regarding the recommendation of the Loan Review Committee that Council authorizes a Small Business Development Revolving Loan Fund (SBD) to Bonnie Harris Frey, on behalf of Harris Jewelers, Inc., for funds to finance renovations for the recently purchased building at 1780 W. Main Street. The loan request is in the amount of $450,000. Consideration of emergency egsdltionsrequested sO that the loan can be closed without delay and the business proceed withi the 3. Provide ar recommendation to Council regarding the recommendation of the Loan Review Committee that Council authorizes a new loan from the CDBG Economic Development Revolving Loan Fund (ED RLF) to Anthony Scott and. Jessica Nielsen, on behalf of A. M. Scott Distillery, LLC fori funds toi finance the purchase of addifional restaurant equipment at their location at 9 W. Main Street. The loani request isi in the amount of $150,000. Consideration of emergency legislation is requested so that the loan can be closed without delay and the business proceed with the purchase of the additional equipment.  finalize the loan.  Duldingrenovations.  Other Committees/llems may be added.  6-7-2024 Cc: Council Mayor Mr. Titterington, Mr. Kerber Mr. Frigge, Departments, Media    COMMUNITY PARTNERSHIPS COMMITTEE    PatrickE..Titerington Director of Public Service & Safety diagmeuepelegn  TROY OHIO  937-335-1725  CRC.  MEMORANDUM  TO: FROM: DATE:  Mr. Rozell, President of Council  Patrick E.. J. Titterington, Director of Public Service and Safety"  o  June 6, 2024  SUBJECT: RESOLUTION SUPPORTING THE OHIO COMMISSION FOR THE UNITED STATES  SEMIQUINCENTENNAL AMERICA250-OH)  RECOMMENDATION: BACKGROUND:  That Council enacts a Resolution supporting the Ohio Commission for the United States The year 2026 will be the occasion of celebrating America's 250th Anniversary. The City submitted and received approval of an application to become an America 250-Ohio Community. As a part of this designation, a committee will bet formed to not only propose programs, projects and events to celebrate the anniversary, but to also provide educational opportunities to acknowledge and celebrate the contributions of Ohioans to the nation over the past 250 years, and to inspire future leaders to follow ini their footsteps. The Troy Foundation, the Troy Area Chamber of Commerce, the Troy City Schools, and the Activate Troy Partnership (ATP) have provided letters of support and a commitment to be partners in the planning and The next stepi in the planning process ist for Council to enact al Resolution supporting the Ohio Commission for the United States Semiquincentennial. Such Resolution will then be forwarded to the America250-OH Itwould be appreciated if you would assign to a Committee of Council consideration of approving the  Semquincentennia. AMERICA250-0H).  presentation of programs, projects and events.  Commission. REQUESTED ACTION: Resolution.  100 South Market Street, Troy, OH 45373  Make a yow    The  TROY FOUNDATION  May 17,2 2024  Mr. Patrick" Titterington Director of Public Service and Safety City of Troy 100S. Market Street Troy, OH 45373  RE: America250 - Ohio Commission  Dear Patrick:  On May gth, had1 the pleasure ofa attending thel launch of America250-Ohio's firstTrails and" Tales-the Ohio Air and Space Trail-right herei in Troy, Ohio at the WACO Air Museum and Aviation Learning Center. Thet trails program willl help to celebrate the impact Ohioans have had on the nation's past, present andi future, andi it was exciting fori thet first trail tol be launched here. America250-Ohio will help to tell the story of Ohio and recognize the many Ohioans who have made ani impact on Ohio and the United! States. After learning about the Ohio's plans to celebrate, Iwould like to encourage the City of Troy to become an America250-Ohio Community to be a part oft the state and countryscelebration. The history of Troy andi its residents is rich with contributions to Ohio and the nation. Becoming an America250-Ohio Community would help Troy to celebrate our past and look forward to thei future of our community. Should the City choose to become an America250-Ohio Community, The Troy Foundation would be honored to be a part ofa committee to help plan activities to celebrate.  Thank you andIl look forward to being involved.  Sincerely,  Rap  Melissa A. Kleptz President and CEO  GROWING A GREATER TOMORROW  216 W Franklin Street, Troy, OH 45373* Ph: 937-339-8935* Fax: 937-339-3921vwwthetrepfoumdatonorg    405 SW Public Square Suite #330 Troy, Ohio 45373 P:937-339-8769 royonoChamber.com  TROY CHAMBERA COMMERCE  PatrickTtterington City of Troy 100S. Market St. Troy, Ohio 45373 Dear Mr. Titterington:  Director of Public Service and Safety  As President oft the Troy Area Chamber of Commerce, lam writing to express our organization's supportf fort the City of Troyt to ber named an America 250-Ohio Community. Ifthe City of1 Troyi is chosen as an America 250-Ohio Community, the businesses of Troy, large and small, will benefit Since the early 1800's, the City of Troy has been a manufacturing, cultural, social, andi retail center of the northern Dayton region and with this designation of an American 250-Ohio Community, our residents and businesses can celebrate this momentous occasion with Ohio and the United States. The City of Troy, Ohio, with our historic downtown and picturesque Great Miami River waterfront, is ani ideal location1 to celebrate the 250"h birthday of our great nation. The America 250-Ohio Commission can be assured that the City of Troy and our community's various non-profit organizations have extensive experiencei in planning and executing large and impactful events. The Troy Area Chamber of Commerce would like tot thank1 the America250-Ohio Commission for having thet forethought inj planning to commemorate. this historic milestone in our country'shistory  greatly.  and wel look1 forward toj joiningyouint the celebration of Ohio and America.  Sincerely,  President  ZHE  Our Mission: Empowering Prosperity for Troy, Ohio    TROY CITY SCHOOLS  Mr. Patrick Titterington Director of Public Service and Safety City of Troy 100 S. Market St. Troy, Ohio 45373 Dear Mr. Titterington,  Ihope this letter finds you well. lam writing to express my strong support for Troy becoming an America 250-Ohio Community. As the Superintendent of Troy City Schools, I believe this designation offers tremendous opportunities for our community and our students. The America 250-Ohio initiative is a unique chance to celebrate and reflect on our nation's 250th anniversary, recognizing the rich history and diverse contributions that have shaped our state and nation. By participating in this program, Troy can showcase its historical significance, promote civic pride, and engage our residents in meaningful commemorations. For our schools, this initiative provides an invaluable educational platform. Integrating the America 250-Ohio program into our curriculum will enhance our students' understanding of American history and Ohio's pivotal role in it. It offers al hands-on learning experience that goes beyond textbooks, allowing students to participate in community events, historical projects, and Moreover, this designation can foster a sense of unity and pride within our community. It presents an opportunity for collaboration among local organizations, businesses, and residents, working together to honor our past and envision our future. The celebrations and events associated with. America 250-Ohio will not only attract visitors to our city, boosting local tourism Inl light of these benefits, I urge the Troy City Council to support the application for Troy to become an America 250-Ohio Community. Your approval will affirm our commitment to education, history, and community spirit, paving the way for a series of enriching experiences for Thank you for considering this important initiative. I am confident that with your support, we can make Troy a proud participant in the America 250-Ohio celebrations, leaving a legacy  collaborative activities that deepen their appreciation for our heritage.  and economy, but also create lasting memories for our citizens.  all residents of Troy.  that will be cherished for generations to come.  Sincerely, ChrisPpet Chris Piper  Superintendent for Troy City Schools  troycityschoos.org  500 North Market Street, Troy, Ohio 45373  p 937.332.6700 I f937.332.6771 I info@troydlyschoolsorg    Activate Troy Partnership TROYOHIO  Dear Troy City Council Members,  The Activate Troy Partnership: strongly supports the City of Troy's effortsi inl becoming an America 250- Ohio community to help commemorate the: 250th anniversary of the United States. As we approach this significant milestone in our nation's history, reflecting on our shared heritage and celebratingthe The America-250 commemoration provides us with an opportunity to not just showcase, but to proudly highlight Troy's significant contributions to Ohio's rich history. This is a chance to honort the legacyofthel United States andt tor recognizet the contributions of all Americans, past and present. We believe that this historic event will serve as a unifying force, bringing together people from diverse Moreover, the America-250 commemoration will be a time for reflection and celebration and a catalyst for inspiring future, generations to continue building upon the foundation laid by those who came before us. The celebration of the America 250 will foster a deep sense of unity and pride in our community, bringing together diverse local organizations, businesses, andi residents top participatei in the commemoration. This inclusive event will inspire us all, reinforcing our shared purpose and This celebration is an opportunity to show our nation's, state's, and Troy's uniqueness, community pride, and togetherness. Our community has put together successful events many times, and we have no doubt that our community partners will again collaborate to make the 250th anniversary of Thank you for considering supporting the City of Troy's efforts to join our state in celebrating this  principles that have shaped our state and countryi isi important.  backgrounds to celebrate our shared values and aspirations.  belonging.  our country a memorable experiencei for our residents and visitors. significant milestone in our nation's history. We look forwardi to 2026!  Sincerely, J-sas Jessica Nielsen  Secretary, Activate Troy Partnership  Activate Troy Partnership Member Organizations:  City of Troy The Troy Foundation Troy Main Street  Troy City Schools Troy Development Council Troy Community Works  Troy Area Chamber of Commerce Miami County    FINANCE COMMITTEE    TROY OHIO  PatickE..Titerington  Director City  Ain  atick.Ttterington@TroyOhio.gox  MEMORANDUM  TO: FROM: DATE:  Mr. Rozell, President of Council  Patrick E. J. Titterington, Director of Public Service and Safety  6  May 31, 2024  SUBJECT: SBD LOAN SUBORDINATION FOR 107 W MAIN LLC  RECOMMENDATION:  That Council authorizes the Director of Public Service and Safety to execute a subordination loan agreement for 107 WI Main LLC to subordinate their mortgage lien position at 107 West Main Street, as the owner has secured private financing to make improvements toi the upper floors of the building.  BACKGROUND:  In 2020, Council approved a $100,000 loan from the Small Business Development Revolving Loan Fund (SBD) to 107 W Main LLC for building improvements at 107 West Main Street to renovate the exterior of the building. A first mortgage lien was provided as collateral to cover the $100,000 loan. The loan balance In2022, 107 WI Main LLC secured private funding to assist with the second-floor renovations and requested the City of Troy execute a subordination agreement for the new lender, Minister Bank. The requested second position mortgage lien subordination was executed to Minster Bank ($1,875,000). In2 2024, Minister Bank provided additional financing to 107 W Main LLC in the amount of $1,061,000. Additional funding is necessary as the costs associated with renovations were higher than originally estimated. Minster Bank has requested the City of Troy subordinate the second mortgage position lien in favor of Minster Bank's third mortgage lien. The Appraisal Report prepared by Integra Realty Resources shows an anticipated value oft the building to increase from $2,750,000 to $3,670,000 by July 1, 2024. Itv would be appreciated if you would assign to a Committee of Council authorizing the Director of Public Service and Safety to execute a subordination loan agreement for 107 W Main LLC. Int that both 107 W Main LLC and Minster Bank wish to complete the subordination process as soon as possible, consideration  currently sits at approximately $94,000.  REQUESTED ACTION:  ofe emergency legislation is requested.  100 South Market Street, Troy, OH45373-7303  Makant yyouns,    Tim Davis  TROY DEVELOPMENT DEPARTMENT  Development Director tim.davis@trychio.gow  TO: FROM: DATE: SUBJECT:  Members of the Loan Review Committee Tim Davis, Development Director  May 15, 2024  Subordination Request (Masonic Temple)  In 2020, Sam O'Neal and Doug Ernst purchased the Masonic Temple located at 107 W. Main under the business name of 107 W Main LLC. The applicants self-funded the renovation project, beginning with the $670,000 purchase of the building. In 2021, they received a small business development loan fromi the Cityo of Troy of$100,000. The loant funded the renovation of the building which allowed the owner to secure three leases: Ivy Court, Magnolia Mae Boutique, and Speakeasy Miso. The City took a first position mortgage lien as collateral to cover the $100,000 In 2021, the owners completely leased the first floor and requested a modification to the original loan term from three (3) years to twenty (20) years, which was approved by City Council. The owners proceeded with the second-floor renovations that included up to nine (9) second floor apartments. It was anticipated that the second-floor build-out would not occur until the third year of the project, putting the renovation of the Masonic Temple building ahead of schedule. In2022, 107 W Main LLC secured private funding to assist with the second-floor renovations and requested the City of Troy execute a subordination agreement for a new lender, Minister Bank. The requested second position mortgage lien subordination was executed to the private funding In. January of 2024, Minister Bank provided additional financing to 107 W Main LLC in the amount of$1,061,000. The additional funding is necessary as the costs associated with renovations were higher than originally estimated. Minster Bank has requested the City of Troy subordinate the second mortgage position lien in favor of Minster Bank's third mortgage lien. Minster Bank will reduce the $1,061,100 loan amount to $961,000 should the City of Troy not accept the proposed subordination. The attached Appraisal Report prepared by Integra Realty Resources shows an anticipated value of the building to increase from $2,750,000 to $3,670,000 by, July 1, 2024. Staff recommends the Loan Review Committee provide a position recommendation to City Council to execute the subordination agreement. To facilitate the new bank loan process, iti is requested the subordination agreement be approved as soon as possible by City Council.  loan. The loan balance currently sits at approximately $94,000.  provided by Minster Bank ($1,875,000).  100 South Market Street, Troy, OH4 45373-7303    MinsterBank April 4, 2024  Mr. Timothy Davis, Development Director City ofTroy Development 100 S. Market Street Troy, Ohio 45373  RE: 107' W. Main, LLC (Mason Building)  Dear Mr. Davis,  The City of Troy, Ohio provided financing to 107 W. Main, LLC in the original principal amount of $100,000.00 secured by a mortgage filed for record on. July 12, 2021. The proceeds of that loan were used for the exterior renovations at 101-107 W. Main Street, Troy, Ohio (The Mason  Building).  On September 22, 2022, Minster Bank provided financing to 107 W. Main, LLC in the amount of $1,875,000 to complete interior renovations toi the same property located at 101-107 W. Main Street, Troy, Ohio. The improvements included four retail spaces on the first floor, nine apartment units on the second floor and an event space on the fourth floor. The City of Troy agreed to subordinate their first mortgage described above in favor of the mortgage from 107 W. Main, LLC to Minster Bank. ASubordination Agreement was signed by Patrick F.J. Titterington, Director of Public Service & Safety on May 10, 2023, and filed for record on May 12, 2023. (Copy enclosed) On January 19, 2024, Minster Bank provided additional financing to 107 W. Main, LLCi in the maximum amount of $1,061,000.00. The additional funding was necessary as the costs associated with the renovation of the 26,043 square foot building were higher than originally estimated. Our loan amount was determined using 80% of the appraised value, ($3,670,000), minus the first The purpose of this letter is to request that the City of Troy subordinate their second mortgage lien ($100,000) ini favor of Minster Bank's third mortgage lien ($1,061,000). The remaining 20% equity in the real estate or $734,000 is available as security for the unpaid balance on your original $100,000 note. Ihave enclosed a copy of the Appraisal Report prepared by Integra Realty  mortgage balance of $1,875,000, providing $1,061,000 in lendable equity.  Resources, Columbus, dated September 11, 2023 for your reference.  Minster Bank's Loan Policy restricts a maximum 80% combined to loan to value on our two notes. Asubordination of mortgage from the City of Troy will allow us to make the entire $1,061,000 available to our mutual borrower. If not, we intend to lower our loan amount by $100,0001 to  $961,000.  95 West Fourth Street, P.O. Box 90 Minster, Ohio 45865-0090 (419) 628-2351 Toll- free (866) 646-7837 Fax (419) 628-2103 Email: main@minsterbank.com * ww.minsterbank.com    If you have any questions or need any additional information, please feel free to contact me at your convenience. Minster Bank appreciates the City ofTro/sconsideration of our request.  Sincerely, Rs Daniel F. Heitmeyer  7  Mats  Vice President, Commercial Banking    Patrick E. J. Titterington  TROY OHIO  City Director  7m  atnck.Ttterington@Troyonio.gow  MEMORANDUM  TO: FROM: DATE: SUBJECT: RECOMMENDATION:  Mr. Rozell, President of Council  Patrick E. J. Titterington, Director of Public Service and Safety  May 31, 2024  SBD LOAN APPLICATION - HARRIS JEWELER - 1780 W. Main Street  That Troy City Council accepts the recommendation of the Loan Review Committee for a new loan from the Small Business Development Revolving Loan Fund (SBD) to Bonnie Harris Frey, on behalf of Harris Jewelers, Inc., for Bonnie Harris Frey, on behalf of Harris Jewelers, Inc. (HJI), has submitted a Small Business Development Loan application requesting $450,000 to finance renovations for the recently purchased building at 1780 W. Main Street. HJI is seeking terms of 9.5 years at 4.25% APR, which amounts to $5,021.50 in monthly payments. A request for interest-only payments for the first six months has been made by the applicant. This is intended to allow the repairs tot take place, accommodate new office space for additional employees, and allow the company to begin to increase Harris Jewelers has been owned and operated by the Harris family for 76 years. In 2009, Bonnie took over the business and strives to elevate the HJI to al level of prominence int the Miami Valley and across the country. With! her team of 14 full-time employees, the full-service jewelry store offers the following services and products on a daily basis: Cleaning & Inspection, Corporate Gifts, Custom Designs, Ear Piercing, Estate Advisory & Evaluations, Financing, Gold & Diamond buying, and in-house jewelry repairs and engravings. HJI will add four full-time The total investment of approximately $3,204,000 in building purchase and renovation costs is expected to result in a complete restoration to provide a modernized interior. HJI will carry al bank loan with First Financial Bank to cover approximately 86% of the project cost of equity into the overall project. First Financial Bank will hold a first position ont the building. The City of Troyl loan of $450,000 (14% oft the project cost) willl hold a second position on the building  funds to finance renovations for the recently purchased building at 1780 W. Main Street.  BACKGROUND:  employment before making full payments of principal andi interest.  employees as a part of this project within three years.  (appraised at $2.1MM) and also require al Personal Guarantee. For this project, the applicant is seeking a loan as follows: Total project costs of approximately $3,204,000 Loan repayment term of 114 months 4.25% simple APR Six months ofi interest only payments Collateral will be a second position on the building Ap personal guarantee from Bonnie Harris Frey  Loan principal of $450,000, exclusive of the closing fees which will be paid directly by the applicant  Expedited approval is requested so that the business can proceed with building renovations Thel Loan Review Committee reviewed this loan application on! May 30, 2024, and recommended it be approved Itwould be appreciated if you would assign to a Committee of Council consideration of the SBD loan to Harris Jewelers, Inc. as outlined above. Consideration of emergency legislation is requested: so that thel loan can be closed  with the above terms. Information considered by the Loan Review Committee is attached.  REQUESTED ACTION:  without delay and thel business can proceed with building renovations.  encl.    Tim Davis  TROY DEVELOPMENT DEPARTMENT  Development Director tim.dvis@troychiogox  TO: FROM: DATE: SUBJECT:  Members of the Loan Review Committee Tim Davis, Development Director  May 15, 2024  Loan Request (Bonnie Harris Frey)  Bonnie Harris Frey, on behalf of Harris Jewelers, Inc, (HJI) has submitted a Small Business Development Loan application requesting $450,000 to finance renovations for the recently purchased building at 1780 W. Main Street at a price of $2,070,000. Hlsetngtemsd95yen: at4.2596APR, whichamounts' to moimeyolsomenn, payments. Ar request ofi interest only payments for the first six months is requested by the applicant. This is intended to allow the repairs toi take place, accommodate new office space fora additional employees anda allow the company tol begin to increase Harris Jewelers has been owned and operated by the Harris family for 76 years. In 2009, Bonnie took over the business and strives to elevate the HJI to a level of prominence in the Miami Valley and across the country. With her team of14 full-time employees, the full-service Jewelry store offers the following services and products on a daily basis: Cleaning & Inspection, Corporate Gifts, Custom Designs, Ear Piercing, Estate Advisory & Evaluations, Financing, Gold & Diamond buying, and in-house jewelry repairs and engravings. Harris Jewelers will add four full-time employees as a part of this The total investment of approximately $3,204,000 in building purchase and renovation costs is expected to result witha complete restoration of the interior to provide a modernized interior (Attachment A). HJI will carrya a bank loan with First Financial Bank to cover approximately 86% of the project cost of equity into the overall project. First Financial Bank will holda a first positiononthe! building. The City ofTroy, loan of $450,000( (149ofthep project cost), willl holdas second position The financial statements provided show a conservative projected income increase of 10% in sales within the first two  employment before making full payments of principal andi interest.  project within three years.  on the building (appraised at $2.1MM) and also require a Personal Guarantee.  years.  Staff recommends approval of the loan with the following terms:  Total project costs of $3,204,000 Loan principal of $450,000 Loan repayment term of1 114 months 4.25% simple APR Sixr months of interest only payments Collateral will be a second position on the building improvements to continue.  Expedited approvali is requested so that thel business financing can be completed to allow the building  100 South Market Street, Troy, OH 45373-7303    4a,b4 ledud hy 1  CITY OF TROY SBD REVOLVING LOAN FUND LIST OF EXHIBITS and SBD APPLICATION  TROY DIVELOPMENT DEPARTMENT  Completed application form plus $100.00. Additionally, a loan closing fee of1.5%, plus any  accumulated title search and legal fees are due at closing.  Financial: (Attach as Exhibit A)  Detailed business plan for the expansion project;  Personal financial statement for each individual with at least twenty percent interest in the company; Financial statements from prior three years (Balance Sheet and Profit and Loss statements);  Schedule of Accounts Payable and Receivables; Interim financial statement to the nearest quarter;  Proforma of financial projections on a quarterly basis for the first two years following the loan closing; Letter ofrecommendation or acknowledgement from existing debt-holder(s) regarding this application;  Statement of the anticipated draw down schedule of SBD funds.  Collateral: (Attach as Exhibit B)  E Recent appraisal or county tax records of any real estate which will be offered as collateral; R Listing ofoutstanding liens and mortgages on the property/assets proposed as security; D Evidence ofauthority to make improvements such as a deed, qualifying lease, or notarized  authorization from the property owner;  Personal Guaranty;  Ifreal estate is used as collateral then a recent title exam is required.  Project: (Attach as Exhibit C)  E Detailed estimates for each projected expense oft the business expansion; E Construction plans for any proposed building improvements; M Written cost estimates or contracts for building improvements. (paprin!)  E Verification oft the costs/value ofthe assets to be: funded as part of the total financing package;  Pagelof4    City ofTroy, Ohio Application  TROY DEVELOPMENT DEPARTMENT PLICANT:  Small Business Development Revolving Loan Fund  Bonnie Harris Frey Name  937-681-2934 Phone Number 937-335-0055 Phone Number  n/a Fax Number 295-82-5402 FederalI.D.#: n/A Fax Number 34-4414983 and 93- 3400898 Federal I.D.#:  bomie@hansgeweler.com Email Address  Harris Jewelers, Inc. & Gem Goddesses LLC Name  SINESS: rrower Name)  bomme@marigyeweler.co m Email Address  2343 W. Main St Street 1780 W. Main St Street  Troy City City SCORPORATION CCORPORATION  OH State OH State  45373 Zip Code 45373 Zip Code  RRENT ADDRESS WA ADDRESS elocating):  Troy  TYPE OF BUSINESS: OPARTNERSHIP  OLIMITED! LIABILITY COMPANY  OSOLE! PROPRIETOR 317 W. Staunton Rd Address Address Address  NAMES. AND. ADDRESSES OF OTHER OWNERS WITH! 5% ORI MORE OWNERSHIP INTEREST:  Bonnie Harris Frey Name Name Name  Troy City City City  OH 45373 State Zip Code State Zip Code  937-681-2934 Phone Number Phone Number  State Zip Code Phone Number  Description Of Current Operation:  Harris Jewelers has been owned and operated by the Harris family for 76 years and across three generations. Since their foundingi in 19461 by Mr. & Mrs. H.M. Harris, customer servicel has been ani integral component of our corporate philosophy. This single-minded dedication to customer satisfaction and service has elevated Harris. Jeweler, Inc to al level of prominence in thel Miami Valley and across the country. Upon thei retirement ofl Mark Harris in 2009, his daughter and 3rd generation, Bonnie Harris Frey took over at the helm oft thel business. As the 3rd generation ofher family legacy Bonnie strives not only to continue the dedication to customer satisfaction and service started byl her grandparents, butt tol bring personal service that exceeds all expectations combined with the latest technology in thej jewelry business. Harris Jeweler is your personal jeweler and with their extensive hand-selected inventory, if they don'thave exactly what you are looking for we will create iti for you on site in their state oft the art custom design studio using Bonnie followed in her grandfathers footsteps and earned the title of Certified Gemologist Appraiser from the American Gem Society, anl honor awarded tol less than 1% of jewelers in the world andi the most prominent in thej jewelry industry. Bonnie andl her team of13 FTE and 1 PTE as ai fulls service. Jewelry store offers the following services and products on a daily basis: Cleaning & Inspection, Corporate Gifts, Custom Designs, Ear Piercing, Estate Advisory & Evaluations, Financing, Gold & Diamond buying, In-House Jewelry Repairs, Jewelry Engraving, Jewelry Insurance, Permanent Jewelry, and Watch Battery replacement.  their exquisite craftsmanship.  Page 2 of4    SOURCES SBDI Loan! Requested: Equity Provided: Other Loans:  AMOUNT ($) 500,000 920,476 4800,000  USES -  Roanpa-Lushk Snpawn EmhCkEpmE  -1  Bank: Bank L.O.C.: Supplier: Other: TOTAL:  CeS7  64B,9/2 3,869,388  Leischolo - Fypavetngs  Description Of Proposed Project  Complete renovation oft building andi real estate located at 1780 W. Main St, Troy, OH 45373 which was purchased by Gem Goddesses LLC (related REI Entity of Harris Jewelers) as of11/30/23 and will be the future home ofl Harris Jewerly. Total renovation tot thei interior andi multiple items related to the exterior oft thel building to transform it from the past Ruby" Tuesday restaurant to a1 top tier jewerly store. Total costs ofr renovations is $1,507,389.73, see attached documentation for additional details of costs.  Projected opening ofr new facility will be Q4 of2024 or Q1 of20225.  FINANCIALPACKACE REQUESTED: All applicants MUSTI provide 10% of the SBD Loan Amount. INDICATE THE: STATUS OF OTHER FINANCING AND WHENI IT WILLI BE AVAILABLE:  Summit Funding  4680 Parkway Dr Rob Munz  513-605-4085 Funding date TBD per purchase of leasehold improvements Phone Number Phone Number 937-216-3203 Phone Number  LENDER: DATE: LENDER: DATE: CURRENT DEBT: LENDER:  (Bank lease Dept) Suite 300, Mason,  OH 45040 Address Address  Name Name  Contact Contact Ed Westmeyer Contact Payment: Interest only on Bal. & est $13,907  First Financial Bank 635 S. Market St, Troy, OH 45373 Name $1,800,000 Current balance: available to draw $144,000 Name  Address Term:181 mos interest amortized for 20 yrs  Original Loan: 2,800,000 will reduce to only & 601 mos P&I  Remaining Balance: $1,656,000 and  LENDER: Page3 3 of4  Address  Contact  Phone Number    PROPOSED PROJECT: START DATE: ESTIMATED DATEI RLFI LOANI IS NEEDED: TOTALNUMBER OF CURRENT EMPLOYEES:  shis/zoz4  /nekalsme 202K  14 Full Time  Part' Time  PROPOSED NEW JOBS: (Enter for each year "newj jobs" without totaling the previous year)  1st) YEAR New Full Time New Part Time  2nd YEAR  3rd YEAR  TOTAL  ) ) (  ) )  New Full Time New Full Time New Full Time New Part Time New Part Time New Part Time  )  (  STARTING WAGE RATE FORI NEW: EMPLOYEES:  JOBT TITLE  #HIRES  WAGE RATE  SBDLoan' Terms Ten to fifteen years = 75%0 of Current Primel Rate;  Less than ten years = 509ofCurrent Requested. Loan Term: 95y25 ie. 5y yearsat2.75% MY KNOWLEDGE. SIGNATURE OF  Fifteen to twenty years= current Prime Rate.  Prime Rate  BY SIGNING THIS OAMICKINTIATTE: ABOVEI INFORMATION: IS' TRUE. AND ACCURATETO THEI BESTOF  APPLICANT: bowEhpuo  DATE: 4laslau  Revision! Date 1/29/2024 Page 4 of4    Gem Goddess.Sources & Uses of Funds Modified  Sources Real Estate Purchase Initial funding at closing Cash Equity at closing* Real Estate Renovations Remaining OOCRE Funds Held City of Troy Loan! Fund (2nd mtg)450,400 $500,000 Cash or Home Equity Cash Equity for renovations Total Sources:  % Uses  % 65% 35%  $1,656,000 $414,000 20% $2,070,000 100% $144,000 26,41 $214,474 $279,331 25% $1,134,745 100% $3,204.745 100%Total Uses:  80%/Purchase Property at 1780 W. Main, Troy 136/Consiruction- Buildingi improvements  $2,070,000 $1,134,745  44% 19%  $3.204,745 100%  Need to amend mortgage amount to $1.8MM.  Harris Jewelers Sources & Uses of Funds  Sources Summit Lease Summit Lease Total Sources:  $ $261,912 $387,000 $648.912  % Uses Leasehold improvements Jewerly Cases Total Uses:  %  $261,912 $387.000 $648,912  First Financial Bank  Page 1  5/15/2024    fIRST first financial bank  CityofTroy 100S Market St Troy, OH 45373  Att: Revolving Loan Fund Committee  To who it may concern:  Please accept this letter as acknowledgement that Harris Jewelers, inc & Gem Goddesses LLC, are current customers and debt-holders of First Financial Bank. lwould like to recommend the two entities orco-borrowers' for a City of Troy Revolving Loan of $500,000 to support a portion of the required renovations of Harris. Jeweler's future building/store located at 1780 W. Main St., Troy, OH 45373. The Borrowers have a satisfactory! banking relationship with the Bank and several financial strengths that supports this project but due to the restraints with the Bank's collateral advance rates related to the renovations and final appraised value the Bank is unable to provide the additional funds required to I've provided the additional SBD application requirements but if you require additional information please do not hesitate to call or email me at 937)216-3203 ande ed.westmeyer@bankatirst.com.  complete the project.  Sincerely,  a  Ed Westmeyer Relationship Mgr,S SVP  635 South Market St I Troy, OH 45373  bankatfirst.com    1st Year Forecast 2nd Year Forecast  Q1  Q2  Q3  Q4  9/30/2025 $ 6,135,033 $ $ 3,638,075 $ 59.3% $ 2,024,561 $ $ 1,613,514 $ 26.3% $ 198,403 $ $ 113,701 $ $ 1,528,812 $ $ 55,976 $ $ 198,403 $ $ 69,069 $ $ 1,852,260 $ $ $ $ (481,661) $ $ 1,370,599 $ $ 427,118 $ $ 198,403 $ $ 625,521 $ 2.19 $ 745,078 $  9/30/2026 6,135,033 3,638,075 59.3% 2,024,561 1,613,514 26.3% 198,403 113,701 1,528,812 55,976 198,403 69,069 1,852,260 (481,661) 1,370,599 427,118 198,403 625,521 2.19 745,078  12/31/2024 3/31/2025 6/30/2025 9/30/2025 $ 1,533,758 $ 1,533,758 $ 1,533,758 $ 1,533,758 $ 909,519 909,519 $ 909,519 $ 909,519 $ 506,140 $ 506,140 $ 506,140 $ 506,140 $ 403,379 $ 403,379 $ 403,379 $ 403,379 $ 49,601 $ 49,601 $ 49,601 $ 49,601 $ 28,425 $ 28,425 $ 28,425 $ 28,425 $ 382,203 $ 382,203 $ 382,203 $ 382,203 $ 13,994 $ 13,994 $ 13,994 $ 13,994 $ 49,601 $ 49,601 $ 49,601 $ 49,601 $ 17,267 $ 17,267 $ 17,267 $ 17,267 $ 463,065 $ 463,065 $ 463,065 $ 463,065 $ (120,415) $ (120,415) $ (120,415) $ (120,415 $ 342,650 $ 342,650 $ 342,650 $ 342,650 $ 106,779 $ 106,779 $ 106,779 $ 49,601 $ 49,601 $ 49,601 $ 156,380 $ 156,380 $ 156,380 $ 156,380 $ 186,269 $ 186,269 $ 186,269 $ 186,269  Sales Sales Growth Gross Profit GPM Operating Expenses Operating Income Operating profit margin Interest Expense Other Income (expense) Net Profit Depreciation and Amortization Interest Add-Backs: RENT EBITDA  59.3% 26.3%  59.3% 26.3%  59.3% 26.3%  59.3% 26.3%  $  $  $  DsripuronsComtroutons Cash Flow Available Principal  106,779 49,601  Interest (RLOC fully draw @7.29%) Total Debt Service Fixed Coverage Charge Excess Comments  2.19  2.19  2.19  2.19  10% growth 0% growth/Conservative    Interest-Only Loan Calculator Borrower: Harris Jewelers, Inc.  City of Troy 100 S. Market St. Troy, OH 45373  1780 W. Main St. Troy, OH 45373 Loan Amount Annual Interest Rate Term of Loan (years) First Payment Date Payment Frequency Compound Period Interest-Only Period (years) Payment Type Rounding On  Loan Information  Summary  450,000.00 4.250% 9.5 7/1/2024 Monthly Monthly 0.5 End of Period Yes 4,804.61 1,593.75 5,021.50 Additional Payment  Rate (per period) Number of Payments Years to Pay Off Total Payments Total Interest Est. Interest Savings  0.354% 114 96/12 551,885.05 101,885.05 (4,159.12)  Traditional Loan Payment Interest-Only Payment Payment After IO Period Amortization Schedule No. Due Date 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25  Payment 1,593.75 1,593.75 1,593.75 1,593.75 1,593.75 1,593.75 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50  Interest 1,593.75 1,593.75 1,593.75 1,593.75 1,593.75 1,593.75 1,593.75 1,581.61 1,569.43 1,557.20 1,544.93 1,532.62 1,520.26 1,507.86 1,495.42 1,482.93 1,470.40 1,457.82 1,445.20 1,432.53 1,419.82 1,407.07 1,394.27 1,381.42 1,368.53  Principal 0.00 0.00 0.00 0.00 0.00 0.00 3,427.75 3,439.89 3,452.07 3,464.30 3,476.57 3,488.88 3,501.24 3,513.64 3,526.08 3,538.57 3,551.10 3,563.68 3,576.30 3,588.97 3,601.68 3,614.43 3,627.23 3,640.08 3,652.97  Balance 450,000.00 450,000.00 450,000.00 450,000.00 450,000.00 450,000.00 450,000.00 446,572.25 443,132.36 439,680.29 436,215.99 432,739.42 429,250.54 425,749.30 422,235.66 418,709.58 415,171.01 411,619.91 408,056.23 404,479.93 400,890.96 397,289.28 393,674.85 390,047.62 386,407.54 382,754.57 1of3  7/1/24 8/1/24 9/1/24 10/1/24 11/1/24 12/1/24 1/1/25 2/1/25 3/1/25 4/1/25 5/1/25 6/1/25 7/1/25 8/1/25 9/1/25 10/1/25 11/1/25 12/1/25 1/1/26 2/1/26 3/1/26 4/1/26 5/1/26 6/1/26 7/1/26  htps/www.venex42comcatuatonsintersinteres-only-loan.mtm.    Additional Payment  No. Due Date Payment  Interest 1,355.59 1,342.61 1,329.58 1,316.50 1,303.38 1,290.21 1,277.00 1,263.73 1,250.42 1,237.07 1,223.67 1,210.22 1,196.72 1,183.17 1,169.58 1,155.93 1,142.24 1,128.50 1,114.72 1,100.88 1,087.00 1,073.06 1,059.08 1,045.04 1,030.96 1,016.83 1,002.64 988.41 974.13 959.79 945.41 930.97 916.48 901.94 887.35 872.71 858.02 843.27 828.48 813.62 798.72 783.77 768.76 753.70 738.58 723.41 708.19 692.91 677.58 662.20 646.76 631.27 615.72 600.11 584.45  Principal 3,665.91 3,678.89 3,691.92 3,705.00 3,718.12 3,731.29 3,744.50 3,757.77 3,771.08 3,784.43 3,797.83 3,811.28 3,824.78 3,838.33 3,851.92 3,865.57 3,879.26 3,893.00 3,906.78 3,920.62 3,934.50 3,948.44 3,962.42 3,976.46 3,990.54 4,004.67 4,018.86 4,033.09 4,047.37 4,061.71 4,076.09 4,090.53 4,105.02 4,119.56 4,134.15 4,148.79 4,163.48 4,178.23 4,193.02 4,207.88 4,222.78 4,237.73 4,252.74 4,267.80 4,282.92 4,298.09 4,313.31 4,328.59 4,343.92 4,359.30 4,374.74 4,390.23 4,405.78 4,421.39 4,437.05  Balance 379,088.66 375,409.77 371,717.85 368,012.85 364,294.73 360,563.44 356,818.94 353,061.17 349,290.09 345,505.66 341,707.83 337,896.55 334,071.77 330,233.44 326,381.52 322,515.95 318,636.69 314,743.69 310,836.91 306,916.29 302,981.79 299,033.35 295,070.93 291,094.47 287,103.93 283,099.26 279,080.40 275,047.31 270,999.94 266,938.23 262,862.14 258,771.61 254,666.59 250,547.03 246,412.88 242,264.09 238,100.61 233,922.38 229,729.36 225,521.48 221,298.70 217,060.97 212,808.23 208,540.43 204,257.51 199,959.42 195,646.11 191,317.52 186,973.60 182,614.30 178,239.56 173,849.33 169,443.55 165,022.16 160,585.11 2of3  26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80  8/1/26 9/1/26 10/1/26 11/1/26 12/1/26 1/1/27 2/1/27 3/1/27 4/1/27 5/1/27 6/1/27 7/1/27 8/1/27 9/1/27 10/1/27 11/1/27 12/1/27 1/1/28 2/1/28 3/1/28 4/1/28 5/1/28 6/1/28 7/1/28 8/1/28 9/1/28 10/1/28 11/1/28 12/1/28 1/1/29 2/1/29 3/1/29 4/1/29 5/1/29 6/1/29 7/1/29 8/1/29 9/1/29 10/1/29 11/1/29 12/1/29 1/1/30 2/1/30 3/1/30 4/1/30 5/1/30 6/1/30 7/1/30 8/1/30 9/1/30 10/1/30 11/1/30 12/1/30 1/1/31 2/1/31  5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50  htps/www.verex2.comCabulatoninteres-only-loan.ntm:    Additional Payment  No. Due Date Payment  Interest 568.74 552.97 537.14 521.26 505.32 489.33 473.28 457.17 441.00 424.78 408.50 392.16 375.77 359.31 342.80 326.23 309.60 292.91 276.17 259.36 242.49 225.57 208.58 191.54 174.43 157.26 140.04 122.75 105.40 87.99 70.51 52.98 35.38 17.72  Principal 4,452.76 4,468.53 4,484.36 4,500.24 4,516.18 4,532.17 4,548.22 4,564.33 4,580.50 4,596.72 4,613.00 4,629.34 4,645.73 4,662.19 4,678.70 4,695.27 4,711.90 4,728.59 4,745.33 4,762.14 4,779.01 4,795.93 4,812.92 4,829.96 4,847.07 4,864.24 4,881.46 4,898.75 4,916.10 4,933.51 4,950.99 4,968.52 4,986.12 5,004.33  Balance 156,132.35 151,663.82 147,179.46 142,679.22 138,163.04 133,630.87 129,082.65 124,518.32 119,937.82 115,341.10 110,728.10 106,098.76 101,453.03 96,790.84 92,112.14 87,416.87 82,704.97 77,976.38 73,231.05 68,468.91 63,689.90 58,893.97 54,081.05 49,251.09 44,404.02 39,539.78 34,658.32 29,759.57 24,843.47 19,909.96 14,958.97 9,990.45 5,004.33 (0.00)  81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114  3/1/31 4/1/31 5/1/31 6/1/31 7/1/31 8/1/31 9/1/31 10/1/31 11/1/31 12/1/31 1/1/32 2/1/32 3/1/32 4/1/32 5/1/32 6/1/32 7/1/32 8/1/32 9/1/32 10/1/32 11/1/32 12/1/32 1/1/33 2/1/33 3/1/33 4/1/33 5/1/33 6/1/33 7/1/33 8/1/33 9/1/33 10/1/33 11/1/33 12/1/33  5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,021.50 5,022.05  htps/ww.yertex42.comCatuatosyintersinterestonly-loan.himt  3of3    TROY OHIO  PatickE..Titerington  City Director  7in  atnck.Ttterington@TroyOhio.gov  MEMORANDUM  TO: FROM: DATE: SUBJECT:  Mr. Rozell, President of Council  M6  Patrick E.. J. Titterington, Director of Public Service and Safety  May 31, 2024  CDBG ED RLF LOAN APPLICATION - A. M. Scott Distillery, LLC-9W. Main Street  RECOMMENDATION: Main Street. BACKGROUND:  That Troy City Council accepts the recommendation of the Loan Review Committee for a new loan from the CDBG Economic Development Revolving Loan Fund (ED RLF) to Anthony Scott and Jessica Nielsen, on behalf of A. M. Scott Distillery, LLC, for funds to finance the purchase of additional restaurant equipment at their location at 9 W. In2023, Anthony Scott and Jessica Nielsen, on behalf of A. M. Scott Distillery, LLC, received a CDBG Economic Development Revolving Loan Fund (EDI RLF) for $300,000 tot finance equipment for their newl location at 9W. Main Street. A. M. Scott Distillery LLC currently operates as al blender and bottler of fine spirits including vodka, gin, and bourbon. The business operation also includes Provisions Co., which is a retail store selling home/kitchen, A. M. Scott Distillery, LLC is now seeking an additional ED RLF loan in the amount of$150,000, with ai term of seven years at 4.25% APR. The total project investment of $600,000 in equipment is expected with a result of thirty new jobs (full and part-time). The CDBG ED RLF Program requires at least 18 full-time employees to be hired with 8of the 18 employees being low-to moderate income. The loan request is submitted because the commercial banks that the business owner sought out did not want to provide al loan forj just the equipment alone, as financing for building repair has been secured. A. M. Scott Distillery, LLC will provide $150,000 in equity (25% of the project cost).  barware/cocktais, apparel, and other Ohio inspired items.  For this project, the applicant is seeking a loan as follows: Total project costs of approximately $600,000 Loan repayment term of 84 months 4.25% simple APR and installed equipment.  Loan principal of $150,000, exclusive of the closing fees which will be paid directly by the applicant  Collateral will be a UCC lien on all of the business assets Ap personal guarantee from Anthony Scott and Jessica Nielson  Language willl bei included to provide for the City to recall the loan if stated equipment is not purchased Expedited approval is requested sO that the business can proceed with the purchase of additional  Thel Loan Review Committee reviewed this loan application on May 30, 2024, and recommended it be approved  with the above terms. Information considered by the Loan Review Committee is attached.  REQUESTED ACTION:  Itwould be appreciated if you would assign to a Committee of Council consideration of the CDBG ED RLF loan to A. M. Scott Distillery, LLC as outlined above. Consideration of emergency legislation is requested sO that the loan can be closed without delay and the business can proceed with the purchase of additional equipment.  encl.  100 South Market Street, Troy, OH 45373-7303  Makes a yonsd.    Tim Davis  TROY DEVELOPMENT DEPARTMENT  Development Director tim.davs@troychiogox  TO: FROM: DATE: SUBJECT:  Members of the Loan Review Committee Tim Davis, Development Director  May 15, 2024  Loan Request - A. M. Scott Distillery, LLC  In2 2023, Anthony Scott and Jessica Nielsen, on behalf of A. M. Scott Distillery, LLC, received a CDBG Economic Development Revolving Loan Fund (ED RLF) application for $300,000 to finance equipment for a new location at9W. Main Street. A. M. Scott Distillery, LLC, operates as al blender and bottler ofi fine spirits including vodka, gin, and bourbon. The business operation also includes Provisions Co., which is a retail store selling home & Anthony Scott and. Jessica Nielsen, on behalf of A. M. Scott Distillery, LLC are seeking an additional ED RLF loan in the amount of $150,000, withaterm of seven years at 4.25% APR, which amounts to appro.imately5220430 The total investment of $600,000 in equipment is expected with a result of thirty new jobs (full and part-time). The CDBG EDI RLF Program requires at least 18 full-time employees tol bel hired with 8 oft the 18 employees being low- -to moderate income. Thel loan requesti is submitted because the commercial banks that thel business owner sought out did not want to provide al loan forj just the equipment alone, as financing for building repair has been  kitchen, barware, and cocktails, apparel, and other Ohio inspired items.  monthly payments.  secured. A. M. Scott Distillery, LLC will provide $150,000 in equity (25% oft the project cost).  Staff recommends approval of the loan with the following terms:  Total project costs of $600,000 Loan principal of $150,000 Loan repayment term of 84 months 4.25%: simple APR  Collateral will be a UCC lien on all of the business assets Apersonal guarantee from Anthony Scott and. Jessica Nielson  Expedited approval is requested. so that the business can begin the purchase of equipment  100 South Market Street, Troy, OH 45373-7303    TROY DEVBLOPMENT DEPARTMENT  CITY OF TROY SBD REVOLVING: LOAN FUND LIST OF EXHIBITS and SBD APPLICATION  13 Completed application form plus $100.00. Additionally, a loan closing fee ofl 1.5%, plus any  accumulated title search and legal fees are due at closing.  Financial: (Attach as Exhibit A)  Detailed business plan for the expansion project;  f Personal financial statement for each individual with at least twenty percent interest in the company; & Financial statements from prior three years (Balance Sheet and Profit and Loss statements);  Schedule of Accounts Payable and Receivables; Interim financial statement to the nearest quarter;  Proforma of financial projections on a quarterly basis for the first two years following the loan closing; Letter ofrecommendation or acknowledgement from existing debt-holder(s) regarding this application;  Statement oft the anticipated draw down schedule of SBD funds.  Collateral: (Attach as Exhibit B)  Recent appraisal or county tax records of any real estate which will be offered as collateral; Listing ofoutstanding liens and mortgages on the property/assets proposed as security;  Evidence ofauthority to make improvements such as a deed, qualifying lease, or notarized. authorization  from the property owner; Personal Guaranty;  Ifreal estate is used as collateral then a recent title exam is required.  Project: (Attach as Exhibit C)  Detailed estimates for each projected expense oft the business expansion; Construction plans for any proposed building improvements; Written cost estimates or contracts for building improvements.  Verification oft the costs/value oft the assets to be funded as part oft the total financing package;  Page lof4    City of Troy, Ohio Application  TROY, DEVELOPMENT DEPARTMENT APPLICANT:  Small Business Development  Revolving Loan Fund  A.M. Scott Distillery, LLC Name  937-400-8625 Phone Number  Faxl Number 87-4192478 Federal I.D.#: Fax Number Federal L.D.#: Ohio State State  thmoyerotditiliy.on Email Address  BUSINESS: (Borrower Name)  Name  Phone Number  Email Address  CURRENT. ADDRESS NEW ADDRESS (ifrelocating):  214SM Mulberry Street Street Street  Troy City City  45373 Zip Code Zip Code  TYPE OFI BUSINESS: PARTNERSHIP  SCORPORATION CCORPORATION  SOLEPROPRIETOR  XMTIDLABLIYCONPA  NAMES AND ADDRESSES OF OTHER OWNERS WITH 5% OR MOREOWNERSHIP INTEREST:  Name Jessica Nielsen Name Vance Vair Name  Address same as above Address same as above Address  City City City  State ZipCode Phone Number State Zip Code Phone Number State Zip Code Phone Number  Description OrCurrent Operation:  A.M.Scot! Distillery currently operates as al blender and bottler of fine spirits including vodka, Gin, Bourbon, and Rum. Operations also include ProvisionsCo whichi isaretail store selling home and kitchen items. barware.cockiails, apparel, and other Ohio inspired items. Most recently we are: soon opening Thel Mayflower, al bar, restaurant, and live entertainment venue in downtown Troy.  Description Of Proposed Project  A. M. Scott Distillery is converting the existing Mayflower building in downtown Troy into ar ayaayarannent venue, They venue willi include a speakeasy, restauranventertainment area anda a rooftop bar, Combined: seating will be about: 300. Furniture and fixture (FFE) costs for the venue have exceeded budget requiring additional sources of capital.  Page 2of4    FINANCIAL PACKAGE REQUESTED:. All applicants MUST provide 10% afthe SBD Loan Amount.  SOURCES SBDI Loan Requested: Equity Provided: Other Loans:  AMOUNT (S) $300,000 50,owT2  USES  Purchase additional furniture and fixtures  Bank: Bank L.O.C.: Supplier: Other: TOTAL:  INDICATETHESTATUS: OF OTHER FINANCING AND! WHENJT WILLI BEAVAILABLE:  LENDER: DATE: LENDER: DATE: CURRENT DEBT: LENDER:  Name Name  Address Address  Contact Contact  Phone Number Phone Number  Name  Address Term:  Contact Payment:  Phone Number  Original Loan: Remaining Balance: LENDER:  Name  Address Term:  Contact Payment:  Phone Number  Original Loan: Remaining Balance: LENDER:  Name  Address Term:  Contact Payment:  Phone Number  Original Loan: Remaining Balance: LENDER:  Name  Address Term:  Contact Payment:  Phone Number  Original Loan: Remaining Balance; Page 3of4    PROPOSEDI PROLECTSTARTDATE: ESTIMATED DATERLFL LOAN  Aprill 1,9013 2624 PAhma  ISI NEEDED:  TOTALNUMBER OF CURRENTI EMPLOYEES:  6 Part Time  Full Time  PROPOSED: NEW. JOBS: (Enter for ench year "new jobs" without totaling the previous year)  Ist' YEAR ( 20 New Full Timc 30 ) ( New Part Time  2nd YEAR  3rd YEAR  TOTAL 2 ) 3  2 ) ( 2 ) ( New Full Timc Ncw Full Time New Fuil Time New Part Time New Part Timc New Part Timc  3 ) (  3  STARTING WAGE RATE FORI NEW EMPLOYEES:  JOB TTTLE  #HIRES I0 28 9 3 SBD Loan' Terms Tent to fifteen years 75%of Current Prime Rate;  WAGE RATE $7-$17/hr $5-$12/hr $17/hr $50,000-$75,000lyr  Barlender Servers/osirunners Kitchen Managers  Less than ten years - 50% ofCurrent Prime Rate Requested Loan Term: 7y ie-Syearsat2.75% MYI KNOWLEDGE. SIGNATURE OF APPLICANT:  Fifteen to twenty years current Prime Rate.  BY SIGNING THIS OAMICIRTPYTHATTHE ABOVE INFORMATION: IS TRUE AND ACCURATETOTHEHESTO:  -  DATE:  His/a+  Anthony M. Scolt, Managing Member A  Revision Date 1/29/2024 Page 40 of4    A.M. Scott Distillery, LLC ProForma (2024-2026)  2024 1,354,000 35,000 1,524,000 213,000 66,000 35,000 3,227,000 455,000 99,000 558,000 36,000 1,148,000 2,079,000 4,000 32,000 17,665 6,000 12,000 59,000 8,000 18,000 19,000 1,000 15,000 17,000 43,000 35,000 22,000 23,000 538,000 513,840 13,000 20,000 5,000 1,000  2025 1,742,000 37,000 2,200,000 224,000 70,000 37,000 4,310,000 571,000 104,000 824,000 39,000 1,538,000 2,772,000 4,000 34,000 27,000 10,000 13,000 90,000 12,000 19,000 20,000 2,000 19,000 18,000 59,000 43,000 30,000 25,000 762,000 540,000 15,000 23,000 6,000 2,000  2026 2,157,000 39,000 2,400,000 236,000 74,000 39,000 4,945,000 707,000 109,000 886,000 41,000 1,743,000 3,202,000 4,000 36,000 29,000 11,000 14,000 94,000 13,000 20,000 21,000 3,000 22,000 19,000 60,000 45,000 32,000 27,000 765,000 564,000 16,000 25,000 7,000 3,000  Ordinary Income/Expense Income AM Scott Distillery Spirits Online Channel Mayflower F&B Sales Provisions Co att the Mayflower Scotty's Bottle Parlor ProvisionsCo: at1 The Clock" Tower Total Income Cost of Goods Sold AM Scott Distillery COGS Provisions at Mayflower COGS Mayflower COGS Scotty's Bottle Parlor COGS Total COGS Gross Profit Expense Cocktail Consulting Marketing Marketing and Sales Expenses Subscriptions Auto and" Truck Expenses Service Charges and Fees Business Licenses and Permits Charitable Contributions Computer and Internet Expenses Continuing Education Live Entertainment Excise Taxes Depreciation Expense Non-Capital Equipment Insurance Expense Interest Expense Labor- AM Scott Distillery Labor- AM Scott! Management Meals and Entertainment Office/RetailProd. Supplies Payroll Expenses Postage and Delivery    A.M. Scott Distillery, LLC ProForma (2024-2026)  2024 70,000 196,950 15,000 19,000 2,000 21,000 1,746,455 332,545 100,000 100,000 232,545 7.2%  2025 76,000 291,000 19,000 20,000 3,000 32,000 2,214,000 558,000 0 0 558,000 12.9%  2026 80,000 313,000 21,000 21,000 4,000 34,000 2,303,000 899,000 0 0 899,000 18.2%  Ordinary Income/Expense  Professional Fees Rent Expense Repairs and Maintenance Sales and Marketing Expenses Taxes Utilities Total Expense Net Ordinary Income Other Expense Investors Guaranteed Payment Total Other Expense Net Income    Troy City Loan Equipment Status List A.M. Scott Distillery LLC- Mayflower  Vendor Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon  ITEM NAME  QTY Purchase Price 4 $ 641.96 5 $ 246.05 1 $ 40.22 5 $ 385.15 4 $ 308.12 3 $ 231.09 5 $ 385.15 5 $ 262.15 4 $ 190.40 6 $ 414.66 1 $ 67.99 1 $ 3,295.69 1 $ 649.00 1 $ 561.47 1 $ 459.99 1 $ 211.04 1 $ 439.64 1 $ 611.10 1 $ 59.99 2 $ 117.98 2 $ 153.58 1 $ 99.99 1 $ 389.99 1 $ 395.91 1 $ 3,324.60 1 $ 280.54 $ 925.20 $ 8,100.00 72 $ 1,403.95 24 $ 468.80 50 $ 758.74 16 $ 1,677.34 2 $ 1,269.99 1 $ 25,549.00 1 $ 1,745.10 1 $ 989.21 $ 6,778.03 $ 14,654.53 $ 1,620.85 $ 1,928.00 $ 610.95 2 $ 3,938.42 80 $ 4,223.31 $ 16,300.00 $ 35,603.00 $ 3,864.00 $ 3,223.00 1 $ 1,699.00 $ 151,553.87  Crytal Wall Sconce Gold Wall Light Sconces Thick Red Carpet Runner Cordless Table Lamps Cordless Table Lamps Cordless Table Lamps Cordless Table Lamps Blackout Roller Shade Lamp Shades Chandelier Cordless Table Lamps Cordless Table Lamps  Webstaurant 8Tap Kegerator Beer Dispenser Webstaurant Regency 30x48 16 Gauge Stainless Steel Work" Table with Sink Webstaurant Ava Mix Commericial Blender with touchpad Webstaurant Steelton 84" 18- Gauge Stainless' Three Compartment COmmercial Webstaurant Webstaurant Regency 3 bowl Underbar Sink 60'x 183 3/4 Webstaurant Regency 41 bowi underbar Sink 72" X183 3/4 Webstaurant Webstaurant Regency' Wall Mount Faucet with 8" Swing Webstaurant Regency 17"X15" Wall Mounted Hand Sink Webstaurant Webstaurant Pre Rinse Faucet Webstaurant Regency Single Aluminum Swinging Webstaurant Webstaurant Flat Lein Napkins Webstaurant Webstaurant Misc Restaurant Supply Platers Restaurant: Supply Platers Home Dept Adventure in Brew/Kegs Kegnado Trimark LVS LVS Home Dept Lightspeed Build.com Esty Concrafted Trimark Trimark  Regency Bowl Underbar hand Sink: 14: 1/2"X183/4" Regency' Wall Mount Faucet with: 10' Swing Waterloo' Walll Mounted 4" ande 6" Swing Spout Avantco Ice Full Cube Ice Machine Kichen Smallwares Tray Tables Keg Mixers Hobart Dishwasher  Dark Star Marble &Mayflower Kitchen Granite Dark Star Marble &Dora Station Granite Dark Star Marble &Mayflower Bar and Bath  Stagel Lights Network Cabling Wall paper POS System Wine refergator Menus Gold Staircase Glassware Silverware  Atlantic Welding Roof Canopy  Dayton Fireplace 50' Allusion Platinum Electric Fireplace    Interest-Only Loan Calculator Borrower: A.M. Scott Distillery - Loan 2  City of Troy 100S. Market St. Troy, OH 45373  9W. Main Street Troy, OH 45373 Loan Amount Annual Interest Rate Term of Loan (years) First Payment Date Payment Frequency Compound Period Interest-Only Period (years) Payment Type Rounding On  Loan Information  Summary  150,000.00 4.250% 7 7/1/2024 Monthly Monthly End of Period Yes 2,067.63 531.25 2,204.30 Additional Payment  Rate (per period) Number of Payments Years to Pay Off Total Payments Total Interest Est. Interest Savings  0.354% 78 66/12 171,935.27 21,935.27 1,745.45  Traditional Loan Payment Interest-Only Payment Monthly Payment  Amortization Schedule No. Due Date Payment  Interest 531.25 525.32 519.38 513.41 507.42 501.41 495.38 489.33 483.26 477.16 471.04 464.90 458.74 452.56 446.36 440.13 433.88 427.61 421.32 415.01 408.67 402.31 395.93 389.52 383.10  Principal 1,673.05 1,678.98 1,684.92 1,690.89 1,696.88 1,702.89 1,708.92 1,714.97 1,721.04 1,727.14 1,733.26 1,739.40 1,745.56 1,751.74 1,757.94 1,764.17 1,770.42 1,776.69 1,782.98 1,789.29 1,795.63 1,801.99 1,808.37 1,814.78 1,821.20  Balance 150,000.00 148,326.95 146,647.97 144,963.05 143,272.16 141,575.28 139,872.39 138,163.47 136,448.50 134,727.46 133,000.32 131,267.06 129,527.66 127,782.10 126,030.36 124,272.42 122,508.25 120,737.83 118,961.14 117,178.16 115,388.87 113,593.24 111,791.25 109,982.88 108,168.10 106,346.90 1of2  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25  7/1/24 8/1/24 9/1/24 10/1/24 11/1/24 12/1/24 1/1/25 2/1/25 3/1/25 4/1/25 5/1/25 6/1/25 7/1/25 8/1/25 9/1/25 10/1/25 11/1/25 12/1/25 1/1/26 2/1/26 3/1/26 4/1/26 5/1/26 6/1/26 7/1/26  2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30  htps/wwyertex42.comCaculsioninersinteres-only-loan.ntm:    Additional Payment  No. Due Date Payment  Interest 376.65 370.17 363.68 357.16 350.62 344.05 337.46 330.85 324.22 317.56 310.87 304.17 297.44 290.69 283.91 277.11 270.28 263.43 256.56 249.66 242.74 235.79 228.82 221.82 214.80 207.75 200.68 193.59 186.47 179.32 172.15 164.95 157.73 150.48 143.20 135.91 128.58 121.23 113.85 106.45 99.02 91.56 84.08 76.57 69.03 61.47 53.88 46.27 38.62 30.95 23.26 15.53 7.78  Principal 1,827.65 1,834.13 1,840.62 1,847.14 1,853.68 1,860.25 1,866.84 1,873.45 1,880.08 1,886.74 1,893.43 1,900.13 1,906.86 1,913.61 1,920.39 1,927.19 1,934.02 1,940.87 1,947.74 1,954.64 1,961.56 1,968.51 1,975.48 1,982.48 1,989.50 1,996.55 2,003.62 2,010.71 2,017.83 2,024.98 2,032.15 2,039.35 2,046.57 2,053.82 2,061.10 2,068.39 2,075.72 2,083.07 2,090.45 2,097.85 2,105.28 2,112.74 2,120.22 2,127.73 2,135.27 2,142.83 2,150.42 2,158.03 2,165.68 2,173.35 2,181.04 2,188.77 2,196.39  Balance 104,519.25 102,685.12 100,844.50 98,997.36 97,143.68 95,283.43 93,416.59 91,543.14 89,663.06 87,776.32 85,882.89 83,982.76 82,075.90 80,162.29 78,241.90 76,314.71 74,380.69 72,439.82 70,492.08 68,537.44 66,575.88 64,607.37 62,631.89 60,649.41 58,659.91 56,663.36 54,659.74 52,649.03 50,631.20 48,606.22 46,574.07 44,534.72 42,488.15 40,434.33 38,373.23 36,304.84 34,229.12 32,146.05 30,055.60 27,957.75 25,852.47 23,739.73 21,619.51 19,491.78 17,356.51 15,213.68 13,063.26 10,905.23 8,739.55 6,566.20 4,385.16 2,196.39 (0.00)  26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78  8/1/26 9/1/26 10/1/26 11/1/26 12/1/26 1/1/27 2/1/27 3/1/27 4/1/27 5/1/27 6/1/27 7/1/27 8/1/27 9/1/27 10/1/27 11/1/27 12/1/27 1/1/28 2/1/28 3/1/28 4/1/28 5/1/28 6/1/28 7/1/28 8/1/28 9/1/28 10/1/28 11/1/28 12/1/28 1/1/29 2/1/29 3/1/29 4/1/29 5/1/29 6/1/29 7/1/29 8/1/29 9/1/29 10/1/29 11/1/29 12/1/29 1/1/30 2/1/30 3/1/30 4/1/30 5/1/30 6/1/30 7/1/30 8/1/30 9/1/30 10/1/30 11/1/30 12/1/30  2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.30 2,204.17  ntps/wwwyenexz.comCacualoninersinteres-only-can.ntm  2of2