Bibb County commissioners are scheduled to vote Tuesday on NewTown Macon's $800,000 loan to pay off the mortgage for a downtown bar.
A Bibb County Commission committee voted last week to approve NewTown's loan to the Crazy Bull bar on Second Street. The loan - which is backed by the county's credit rating - now needs the blessing of the full commission.
According to Erika Conleay, Director of Place at Newtown Macon, the funding is through Newtown Macon's real estate finance program already used by the companies that developed 75 percent of the lofts downtown.
Josh Rogers, NewTown's president, told commissioners last week they want to loan the money to the bar to help the owner pay off the building's mortgage. The bar then has 15 years to pay off the loan in increments to NewTown, and NewTown will use that money to pay off bond holders.
In a letter to the county, Rogers said the Crazy Bull could close if they don't get the $800,000 loan.
"Unfortunately, City Ventures, LLC (owners of Crazy Bull) faces some unique financing constraints that require the mortgage from UDC to be closed on or before April 28, 2017, or we risk the Crazy Bull closing," Rogers' letter to the commission states.
Rogers says the bar has been a big asset in downtown, so he says when the owner of the bar, Ricky Hill, came to them with a financial problem he wanted to help.
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