West End Mill Works requests financial assistance from city

0
58

The finance committee of the Winston-Salem City Council receives information from staff today about a loan request for $195,000 from West End Mill Works, which houses Hoots Beer Co., Sutler’s Spirit distillery, the Porch restaurant, the Breathing Room yoga studio and a number of other curated tenants near Northwest Boulevard and Reynolda Road.

The committee meets at 4:30 p.m. today in Committee Room 239 in City Hall, located at 101 N. Main St.

The redevelopment project, led by John Bryan and Dewey Anderson, has resulted in the creation of 100 jobs with an investment of $1.4 million covering 16,800 square feet.

The city loan, if approved, would be subordinated to a bank loan and a loan from the Winston-Salem Foundation, and would cover about 15 percent of the cost. The financing package would allow the developers to complete Phase 2, which is expected to create an additional 80 jobs with an investment exceeding $1 million and total build-out of 39,000 square feet.

The committee will also consider a request to convey 1.73 acres of land on the east side of Chestnut Street between Martin Luther King Jr. Drive and East Seventh Street to Goler CDC for a mixed-used development with affordable housing. Under the proposed financing arrangement, the city would give the land, which is valued at $525,000, to the CDC and use tax revenues from the development to replenish city funds.

Finally, the committee will also consider a $319,175 loan request from the Housing Authority of Winston-Salem to help cover the cost of acquisition and development of the old Brown Elementary School property.