East Liverpool CIC examines loan application for two new businesses – Business Journal Daily
EAST LIVERPOOL, Ohio – A Boardman business owner is asking the town’s Community Improvement Corporation to consider a $ 40,000 loan that will allow him to open two new stores in the Diamond District of historic downtown Devon.
At a meeting on Wednesday, the CIC real estate committee heard a proposal from Shaun DaVill, owner of DaVill Enterprises, which currently operates N2 by DaVill in Boardman and The Loft @ N2 by DaVill in Salem, which serves ice cream and milkshakes. based on liquid nitrogen, as well as personalized bakery products.
DaVill is looking to take over former Curtis Cigar and TV Facts storefronts to open two new businesses: a second location The Loft and Quench by DaVill, a cafe and soda bar selling nitro coffee infused with liquid nitrogen, which it says is the trend to come in coffee. . Both sites will have seating and free internet access for clients to meet, work and study in an environment that DaVill has not currently seen in the area.
The new company would employ around six people at the two sites, with salaries in the range of $ 10 to $ 15 an hour, in addition to the 12 current employees of DaVill Enterprises.
The company has a “very loyal customer base,” said DaVill.
âWe are very active in the community and employ people with special needs, fundraise and educate various charities,â he said. DaVill was recently recognized by WKBN-TV 27 as âHometown Heroâ for his charitable efforts.
The $ 40,000 loan would be used to purchase equipment, plumbing and signage at both stores, and DaVill said it is investing $ 60,000 of its own funds into the project.
Stating that he had never applied for debt financing before, DaVill told the committee, âI have money; I just want to be safe. He said he hadn’t expected to open a business in East Liverpool but that the idea was then approached to him by someone.
Mayor Greg Bricker cheered on the committee, saying the two stores are “exactly what we need downtown” and would be a “huge addition” to downtown.
With Executive Director Bill Cowan making the motion, the committee agreed to forward a recommendation to the entire CIC Board of Directors to loan DaVill $ 40,000 at 3% interest over five years, with the appropriate collateral. in place. He was willing to put in place the new equipment he plans to purchase, as well as other equipment he has in stock, as collateral.
If the loan is approved, he expects businesses to be up and running by Halloween.
In other areas, the committee has taken under advisement for further consideration a loan application of $ 90,000 from Christopher Morey, owner of Rotating Equipment Services, located in the former Wallover Oil Co. on Pennsylvania Avenue. The company moved from Mahoning County to East Liverpool and is a pump repair facility with major customers in the gas, oil, water and wastewater industries. It also operates a machinery manufacturing plant.
Morey, who also recently opened the downtown Needless Things retail store, is asking for a four-month loan to pay off a piece of equipment and hire another employee.
His financial portfolio was questioned at length by member Al Fricano, who asked for his personal net worth, which Morey estimated to be over $ 2 million. He also pointed out that he owned the Executive Motors building on Parkway.
Right now, he said, the company has about 60 projects, or about $ 400,000 of work pending on the ground.
The committee agreed to reconsider the request after further investigation, possibly at the next board meeting scheduled for September 15.
A recommendation was also sent to the full board to accept the transfer of the former East Junior High School on Maryland Avenue from city ownership to CIC ownership, CIC President Pat Scafide, claiming that the general counsel is currently preparing the deed.
Scafide said environmental testing, including for asbestos, will be carried out on the building and in the field by Tetra Tech, which will use Brownfield funding for testing and demolition of the old school building at no cost for the city ââor CIC. The Ohio Environmental Protection Agency has approved the plan, which is under review by the federal EPA, according to Scafide.
“It’s not safe; he has to come down,” he said of the school, which was ceded to the city several years ago by the school district for property on Pope Street.
Once the demolition is complete, the six acres of property will be marketed for development, with Scafide stressing that it would be perfect for a place.
Pictured: These two empty storefronts in the tiny Sixth Street building in East Liverpool could soon house an ice cream parlor and coffee / soda, as offered to the Community Improvement Corporation on Wednesday by Shaun DaVill.
Copyright 2021 The Business Journal, Youngstown, Ohio.