Eateries seeks city loans for Wall Street locations
A pair of potential new businesses — both interested in South Wall Street locations — have been tentatively approved for city revolving loan funding.
Applicant Miguel Villegas is seeking $250,000 in city loan funds for a Doro’s Italian Restaurant location downtown at 117 S. Wall Street — a venture that will create 20 new jobs.
Villegas currently has a location under the same name on South Main Street in Acworth. Council members approved the funding at a 2% interest rate for 10 years unanimously by a 3-0 vote with Councilman Ed Moyer absent.
Also approved unanimously was $100,000 in funding at the same
2% rate for 15 years to applicants Agustin Teran Sanchez and Felipina Teran for a Mango Mix juice bar and convenience store location at 355 S. Wall St. That store will create four new jobs.
“This would be a convenience store that does have some food preparation,” City Administrator Paul Worley said. “They’re going to be selling fruit boxes, fruit trays, smoothies and juices to the public.”
Both loans came with the approval of the city’s Revolving Loan Committee, and require approval from the Department of Community Affairs via a loan compliance review form that is required of all such applications.
Created around three decades ago, the city’s revolving loan fund is intended to be borrowed by businesses intending to create jobs in town.
“Since then the program through this fund has created 837 jobs,” Mayor Jimmy Palmer said. “Currently it has 14 active loans, and the cash balance $416,000 that is available for people to borrow at a low interest rate based on job creation.”
Also unanimously approved by the council was a request by the Calhoun Fire Department to make surplus unused radio equipment that is no longer compatible following recent system upgrades.
Finally, following a hearing that drew no public input, changes to the city’s Georgia Municipal Employee Benefits System Restated Master Defined Benefit Retirement Plan were approved unanimously.
The updates establish early retirement qualifications and alternative normal retirement qualifications for certified city firefighters and police officers, as well as to ensure IRS compliance. It applies to those with 25-plus years of service.
“This is something the City of Calhoun has been looking at
and discussing for several months,” Worley said. “The Georgia Municipal Association requires us to run this through a council meeting and approve it like an ordinance change.”
The amendment will lower the full retirement age from 65 to 60 and also provides an enhanced reduction table for those over 55 who take advantage of early retirement, according to Worley.