Troy to Provide $294,161 CDBG Loan for New Restaurant

Information compiled from a press release from the City of Troy HERE

TROY - The City of Troy plans to provide a $294,161 federal Community Development Block Grant loan to Synergy Point LLC to purchase equipment for its new restaurant at 111 W. Water St., known as Rudy’s Smokehouse at the former The Brewery location. 

​

   The loan will come through the city’s Economic Development Revolving Loan Fund, which uses CDBG funds to support economic development projects.

​

   Under the program, at least 51% of the full-time jobs created by the project must be filled by, or made available to, people who meet federal low- and moderate-income guidelines.

​

   The city has issued a notice of intent to request the release of the federal funds. The city plans to submit the request to the State of Ohio on or after Sept. 10.

​

   The project has been determined to be categorically excluded from certain federal environmental review requirements. The city’s environmental review records are available for public inspection at the Development Department, 100 S. Market St., from 8 a.m. to 5 p.m. Monday through Thursday. Records also can be requested electronically by emailing tim.davis@troyohio.gov.

​

   Residents, agencies and organizations may submit written comments regarding the environmental review to the city by mail or email. Comments must be received before Sept. 10 to be considered before the city submits its request for release of funds.

​

   The Ohio Department of Development also will accept formal objections to the release of funds under certain circumstances following the city’s submission. Information about the objection process is available through the Ohio Department of Development at OCD@development.ohio.gov.

​

   More information about Troy’s Economic Development Revolving Loan Fund is available on the city’s website HERE.