Only one economic development loan in arrears


With the City of Evanston now taking action against one business that's behind on paying back an economic development loan, it's time for a checkup on how the city's other loans to local businesses are doing.

Evanston Now reported this morning on the troubled loan to Chicago's House of Chicken & Waffles.

But here's the story of the other loans, based on data from the latest weekly report from the city manager's office.

Corrado Cutlery

Corrado Cutlery, at 716 Main St., received a $31,500 loan in January 2012 and so far has paid back $14,000. The loan contains a provision that allows forgiveness of half the total amount if certain conditions are met, and the loan is scheduled to be paid off this April.

Ward Eight

An image from the Ward Eight website.

Ward Eight, at 629 Howard St., received two loans in March 2012. Payments of $48,472 have been made on a $362,650 loan and payments of $31,559 have been made on a $130,000 loan. Both loans helped fund renovation of the vacant city-owned building that now houses the cocktail lounge. Payments on both loans are up to date. There's no scheduled termination date on the larger loan, but the smaller one is due to be paid off in December 2022.

Heartwood Center

The new Skylight meeting space at the Heartwood Center, converted from a warehouse with a city loan.

Nomad Dreams LLC, owner of the Heartwood Center at 1818 Dempster St., received a $100,000 loan in October 2012 to help fund expansion and creation of a conference center in the building. The loan has been repaid in full.

Peckish Pig

An image from the Peckish Pig website.

The restaurant and brew pub Peckish Pig, at 623 Howard St., has received two loans. One, for $675,000 in March 2013, was to renovate the vacant city-owned building, the other, for $18,412 in September 2014, was to build a outdoor dining patio behind the building.

The owners have repaid $16,500 on the first loan and $4,000 on the second.

Curt's Cafe

An image from the Curt's Cafe website.

The food service careers training program at Curt's Cafe, 2922 Central St., received a $15,000 loan last May. Payments weren't scheduled to start until next May, but already $6,500 has been paid back on the loan that is scheduled to be fully repaid by April 2017.

FEW Spirits

An image from the FEW Spirits website.

Distillery FEW Spirits, at 918 Chicago Ave., received a $250,000 loan last June to fund expansion and has paid back $11,102 so far. The loan is scheduled to be fully repaid in August 2024.

Davis Transportation

An image from the Davis Transportation website.

Davis Transportation, 1040 Wesley Ave., received a $140,000 loan to expand its operations in October 2014. Payments weren't scheduled to start until this month, but already total $3,288. The loan is scheduled to be paid off by December 2018.

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