City of Kalamazoo Economic Development Corporation Board of Directors Agenda Packet 2026-06-18
EIF Loan Recommended for Emerald Oak Redevelopment
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Description
Kalamazoo EDC staff recommends a $120,000 Economic Initiative Fund loan to Auld Ned's, LLC dba The Emerald Oak to redevelop a vacant restaurant at 3003 Oakland Drive into an Irish pub and restaurant. The 10‑year, 2% loan with quarterly payments will help close the project’s financing gap and support the creation of up to 32 jobs.
Contract Details
Contract Amount
$120,000
Vendor
AULD NED'S LLC DBA THE EMERALD OAK
Agency
City of Kalamazoo, MI
Contract Type
FINANCIAL_SERVICES
Document Date
June 18, 2026
Contract Term
10-year term, quarterly payments at 2% interest
Renewal Date
2036-10-01
Renewal Info
New Economic Initiative Fund loan proposed at 2% interest for 10 years, with quarterly payments and personal guaranty; subject to City Commission approval.
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