city-of-pittsburg-edc-meeting-minutes-may-9-2024_837.pdf
$60,000 Equipment Incentive Forgivable Loan Approved for Angus Grille
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Description
The Pittsburg Economic Development Corporation approved a $60,000 performance-based forgivable loan agreement with Faysham LLC dba Angus Grille for equipment, contingent on job creation, sales tax payments, and compliance documentation over eight quarters from January 2025 through December 2026.
Contract Details
Contract Amount
$60,000 incentive for equipment in the form of a forgivable loan
Vendor
FAYSHAM LLC DBA ANGUS GRILLE
Agency
City of Pittsburg, TX
Contract Type
EQUIPMENT
Document Date
May 9, 2024
Contract Term
8 quarterly payments starting January 1, 2025, ending December 31, 2026
Renewal Date
2026-12-31
Renewal Info
Forgivable loan; terms state that if more than two quarters are in default, remaining amount is due within 60 days. Payments forgiven if all metrics are met and documentation provided on time. No auto-renewal or extension clauses mentioned.
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