Central 9th could have yet another watering hole in the near future, as a brewery looking to move from Cedar City to the capital city secured its second loan from Salt Lake City’s Department of Economic Development during a City Council meeting Tuesday night.
Policy Kings Brewery would be located at 79 West 900 South — which is on the southeast corner of the 900 South and West Temple intersection.
The loan, which was unanimously approved by the council during its formal meeting, allocated $75,000 to the brewery at an 8% interest rate over seven years. The second loan bares some resemblance to Policy King’s first loan, which was for $75,000 at an 8.5% fixed rate over seven years, according to a staff report. The first loan was approved by the council last August.
According to a staff report to the council, the new, second loan would go toward paying for, “building renovation, leasehold improvements, machinery and equipment, furniture and fixtures, working capital, and contingencies.” The loan would also help create 15 new jobs in the next year and keep 15 existing jobs, the report said.
Peter Makowski, the city Economic Development’s deputy director of business development, said Policy Kings requested this second loan after its location changed. The initial location would have been at 925 S. Jefferson Street, which is just across the street from Scion Cider Bar.
The first loan is still outstanding and has not been fully paid off, but the brewery is up to date on its payments, Makowski told the council.
Will Wright, a business development project manager, said the brewery would not take over the entire building at 79 West 900 South, but it will be in the largest unit of the existing building.
Policy Kings is described in the city’s staff report as Utah’s first Black-owned brewery, and “is known for its craft beer, arts and music.”
The brewery would be the latest addition to the booming Central 9th community, which already boasts a handful of community bars and restaurants like Water Witch, The Pearl and Thieves Guild Cidery, among others.
In addition to other nearby businesses, Policy Kings would also be located along the 9 Line Trail and a short walk away from the 900 South 200 West TRAX Green Line station.
It would continue a cluster of food and beverage retail outlets that have flocked to the trendy neighborhood.
0 Comments