City restructures loan for Old World Deli |

City restructures loan for Old World Deli

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.”

Support Local Journalism

Support Local Journalism

Readers around Grass Valley and Nevada County make The Union’s work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Your donation will help us continue to cover COVID-19 and our other vital local news.


Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User