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A business loan from a city fund has been restructured for a Grass Valley delicatessen to help it survive.
The Grass Valley City Council voted unanimously Tuesday night to restructure a $50,000 loan to Christopher's Deli and Catering, spreading it over 10 years instead of the original five-year term.
"It's not unusual to go through a restructuring," said city Community Development Director Joe Heckel. About half the loans the city issues to businesses have to be adjusted at some time during their term to accommodate varying circumstances, he added.
The city loaned the money to the delicatessen in April 2006, but by September 2007, owner Christopher Lockhart was in arrears, according to city documents. Since then, Lockhart has relocated from 408 Colfax Ave. to a less expensive building at 206 W. Main St., where he remains in business.
"At my other location, I was having a tough time," Lockhart said. "The city has been working with us and restructured our loan so we could remain solvent."
The Grass Valley City Council voted unanimously Tuesday night to restructure a $50,000 loan to Christopher's Deli and Catering, spreading it over 10 years instead of the original five-year term.
"It's not unusual to go through a restructuring," said city Community Development Director Joe Heckel. About half the loans the city issues to businesses have to be adjusted at some time during their term to accommodate varying circumstances, he added.
The city loaned the money to the delicatessen in April 2006, but by September 2007, owner Christopher Lockhart was in arrears, according to city documents. Since then, Lockhart has relocated from 408 Colfax Ave. to a less expensive building at 206 W. Main St., where he remains in business.
"At my other location, I was having a tough time," Lockhart said. "The city has been working with us and restructured our loan so we could remain solvent."
