by Mike Knaak
editor@thenewsleaders.com
A loan from St. Joseph’s Economic Development Authority is intended to help a new restaurant planned for downtown to start cooking.
The St. Joseph City Council approved Sept. 5 a $52,500 loan for Krewe Restaurant and Bakery planned for the ground floor of the 24 North Lofts building on College Avenue.
The final loan agreement is being drafted by attorneys.
The Cajun-themed restaurant and Scandinavian bakery had planned to open in April 2019.
The loan agreement calls for the loan to be repaid over seven years at an interest rate of 3 percent.
According to the agreement, the city will receive an interest in the business assets such as kitchen equipment and a personal guarantee from the owners.
In announcing the restaurant plans earlier this year, building co-owner Jon Petters called Krewe “the shining star of downtown St. Joseph” that also includes other dining and entertainment businesses such as Bad Habit, Bello Cucina, Gary’s Pizza, Sliced and Bo Diddley’s.
