Tweety West First Customer: Town Agrees to Loan
One of Danville’s newest additions is underway and the developers are seeking support, financially.
Twenty West Social & Eatery made its debut this summer when it was announced that a new restaurant would be joining the downtown square.
Entrepreneur and Hendricks County resident, Scott Lingle purchased the former Diesel’s building, located at 20 W Main Street, and found partnership in business owners Stepahnie and Trevor Bernhardt and Stephanie and Jordan Yant.
Between the two couples is ownership of places like Square Burger, Dips, LumberjAXE Axe Throwing, Orange Leaf and Cabin Coffee.
A proposal was made to the town at a recent council meeting requesting $300,000 to aid in development of the space - and the town agreed to give it to them.
“In a roundabout way it is kind of an RDC project,” said Town Manager Mark Morgan. RDC stands for Redevelopment Commission, and as a group they don’t have the authority to loan the money, but the town can; hence the council’s role.
“The intent is that the town will actually make the revolving loan, with the understanding that most likely the RDC. . .will pay the town back,” Morgan added.
According to the Town Manager, the loan will come from the EDIT, or the Economic Development Income Tax. This is a broad fund that Danville likes to use for the betterment of the community.
As for the $300,000, per the proposal, the recipients will spend $100k of it on building repairs, another $100k on furniture, fixtures, and equipment, and the remainder will be utilized for a portion of the outdoor improvements - of which call for a bar and a seating area.
Unlike many loans, this one is forgivable, based on some stipulations.
Each year the restaurant is operating, $60,000 will be taken of the payback price. In other words, if Twenty West manages to bring in business successfully for five consecutive years,they won’t be expected to pay back the town.
When asked how productivity, or success would be measured, Morgan wasn’t sure that there were specific requirements.
“They have to be able to show that they're paying their food and beverage tax, that they're employing people. . . basically that they're not closed. That's really what it comes down to, is to make sure that it's not closed.”
At the end of the day, the decision to support this growth came from the hope that it inspires something similar.
“Not only the developer who's doing it has said he wants to continue to invest in our community and around the square, " Morgan explained, “but we also believe that [the restaurant] will bring other people who will want to invest in our square. And so that's what we're trying to do. We're just trying to get that keystone business that will draw and attract other businesses of similar product.”
