The new owner of the former Bourbon Barrel building on State Street received a recovery loan.
This came as Erie City Council approved a resolution of a loan for Roman Stefanelli, the new owner of the building located in the 1200 block of State Street.
It’s an Economic Recovery Revolving Loan Fund for $250,000 over the course of 15 years.
Chuck Nelson, president of Erie City Council, said these loans are intended to help business owners in Erie.
“With the American Rescue Plan dollars, there’s really a once-in-a-lifetime opportunity to capitalize on investment in our downtown. We have EDDC moving it up State Street and now we’re seeing great investment on 10th Street and all the way now up to the 1300 and 1200 blocks of State Street, so really this is (an) opportunity to see the growth that we’re experiencing downtown continue to sprawl out,” said Nelson.
The Economic Recovery Revolving Loan Fund was also provided to the Eagle’s Nest Leadership Corporation to create their new athletic building.