One of Downtown Jacksonville’s staple businesses is getting a loan from the city to complete a major renovation project.
The City Council approved a $75,000 loan from the city’s revolving loan fund to Hamilton’s Catering to help invest in improvements to their building at 110 North East Street.
City Treasurer Beth Hopkins told the City Council at their final meeting of the month in October that Hamilton’s had requested $100,000, but due to established guidelines for the revolving loan program, they were only eligible for 75% of the request.
In May, Hamilton’s requested over $220,000 from the city’s TIF grant program for tuck-pointing, elevator repair, flooring and roof repair, as well as window replacement. The council approved a $50,000 TIF grant for the project, which is the maximum allowed under city guidelines.
Hopkins said Hamilton’s owners were using the loan money to finish the window replacement project after one window had fallen out of its sill during a spate of weather earlier this year, necessitating repairs. The owners opted for repair because of the cost of buying new windows.
Hopkins said that Hamilton’s also has a conventional bank loan for the renovation project and there was little risk for the city in extending the money on the low-interest loan program.