Financial Document Related to Brew Pub Proposes $22,000 Monthly Payment

Financial Document Related to Brew Pub Proposes $22,000 Monthly Payment

A public records request by Tallahassee Reports has revealed more details about the financial arrangements revolving around the Brew Pub at Cascades Park.

On December 2013, the City Manager signed a memorandum agreement with the developer who was selected to build a restaurant in the old municipal electric building in Cascades Park.

Two provisions in the memorandum of agreement stated the final plans were to be submitted within 90 days and that a “letter of commitment” for the $1.5 million developer investment would be required 30 days after the final plans were completed.

Tallahassee Reports has been told that neither of these milestones have been met.

Instead, an amendment to the original memorandum of agreement was developed and signed on April 17 to give the developer 30 more days to finalize plans. Tallahassee Reports was told as of last week the plans have been finalized.

However, Tallahassee Reports was also told that no letter of commitment, as required in the original memorandum, has been received. Instead, a less formal letter has been submitted stating that a commitment will be addressed after the City renovates the building.

All of these changes, which have been implemented, were not brought back before the City Commission for approval.

Tallahassee Reports has obtained a copy of the proposal letter from C1Bank, located in St. Petersburg, Florida.

The proposal letter states that this “is not a commitment to extend financing and is subject to….final approval and structure from the bank.”

The proposal letter states that the loan would be for approximately $1.3 million with monthly payments of approximately $22,000.

Click here to see proposal letter.

The controversial project, which was approved back in October, uses $2.1 million in tax monies along with $1.5 million in developer investment to fund the Brew Pub restaurant.

Commissioner Gil Ziffer was the only Commissioner to vote against the project.

9 Responses to "Financial Document Related to Brew Pub Proposes $22,000 Monthly Payment"

  1. Not to dwell on political parties but this town is after all run by a democrat party machine with connections far and away from lil ol Tallahassee. We have just found another of those connections that the crowned prince, Mayor elect Gillum, is employed by a radical left activist organization. This man who has no real resume might just be dreaming of one day being president and why not, he will follow the trail already blazed for him. Of course the Brew Pub is only just the latest scheme by Gillum and his machine. Just wait, this character isn’t even in office yet. Just how many more reasons are needed to have an independent ethics watch dog? Well we know that this most important safeguard apparently is as a bolt of bright sunshine or a bouquet of fresh garlic to our vampire government. Just this week, in the face of the tens of thousands of petition signers for an honest government, the crowned prince stamped his foot in a fit and demanded the city hire their own ethics errand boy. He even had the nerve to announce that there are many good candidates ready to start work. Yeah, I just bet there are. All political machine cogs ready to provide cover for corruption and malfeasance.

  2. To balance the budget, staff increased the transfer of revenue from the electric fund by almost $5 million.

    If they defunded this project how much profit would they be able to return to the Citizens?

  3. When the Tallahassee Museum was fighting to survive, did “staff” ever consider renovating the vacant utility building for this purpose at Cascade Park ? Imagine taking the family to the Park and walking to the Museum ? We get another bar. Jack

  4. Get to the bottom of it, Steve Stewart! Keep doing what you’re doing – REPORTING! That’s something that the Democrack won’t do! I dropped them from being my newspaper of choice about 8 years ago. Too far too the left to suit me!

  5. It would be better if they simply left the building open but empty for private parties, and then allow food trucks or vendors to park nearby. No cost to the city.

  6. Good work, once again the Democrat is asleep on issues critical of city leaders. I understand it has been covered elsewhere, but the fact that the deal is between the city and Andrew Gillum’s campaign manager is a huge deal, especially since it wasn’t disclosed. This deal needs to be killed or put out for re-bid.

    It has gone from $800,000 in government financing to 2.3 million, and before it is over they are going to be kicking in another big chunk of the developers $1.5 million.

    We’re already over budget on 30 million spent on Cascade Park, and with the Tallahassee Mall makeover, the private market has just made the city’s business model obsolete. So much for government picking winners. Kill the Brew Pub!!!

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