FINANCIAL_SERVICESAPPROVED

City of Glenview Manor Awards Financial Services Contract to Ballyhoo Hospitality (September 2023)

The Village of Glenview approved Resolution 23-118 authorizing a Redevelopment Agreement, Loan Agreement, and Intercreditor Agreement with Ballyhoo Hospitality and Gold Coast Bank for a new downtown restaurant at 1749 Glenview Road. The deal includes $1.75 million in economic assistance and a $2.25 million Village loan at 2% over 15 years, with a 10-year operating requirement and reverter protections for the Village.

Document date · September 19, 2023

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
$1.75 million economic assistance; $2.25 million Village loan at 2% over 15 years
Contract type
FINANCIAL_SERVICES
Contract term
Loan repaid over 15 years; restaurant operation requirement for 10 years; bank loan term 32 years
Renewal date
2038-12-31
Renewal
Redevelopment Agreement requires Ballyhoo to operate the restaurant for 10 years and provides for a reverter clause if Ballyhoo defaults; Loan Agreement sets a 15-year amortization at 2%; Intercreditor Agreement coordinates the Village’s position with a 32-year bank loan; specific renewal or extension options are not described.
Document type
Minutes
Source document
city-of-glenview-manor-board-of-trustees-meeting-minutes-new-downtown-restaurant-park-lighting-sep-19-2023_dce.pdf

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Glenview Manor?

Ballyhoo Hospitality was awarded this financial services contract by City of Glenview Manor, as recorded on September 19, 2023. The contract value is $1.75 million economic assistance; $2.25 million Village loan at 2% over 15 years.

How much is the Ballyhoo Hospitality contract with City of Glenview Manor worth?

The Ballyhoo Hospitality contract with City of Glenview Manor is valued at $1.75 million economic assistance; $2.25 million Village loan at 2% over 15 years, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record.

Where was this contract approved?

This contract appears in city-of-glenview-manor-board-of-trustees-meeting-minutes-new-downtown-restaurant-park-lighting-sep-19-2023_dce.pdf (Minutes), dated September 19, 2023 from City of Glenview Manor. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Ballyhoo Hospitality hold?

Ballyhoo Hospitality may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Ballyhoo Hospitality's profile

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