3. Deferred Loan. The Funding is a deferred loan, whereby no interest will accrue upon the principal

Diamond Square Community Redevelopment Agency Meeting · 2026-04-20 · agenda_item

The Diamond Square Community Redevelopment Agency in the City of Cocoa is reviewing a forgivable loan agreement for Wall's Bangin' BBQ, LLC. This agreement involves a deferred loan that accrues no interest and has payments deferred during the agreement's term. The loan will depreciate at 33% annually for the first two years and 34% in the third year, with the entire amount forgiven at the end of the three-year period if the Grantee complies with the agreement's terms. If a default occurs, the City can recover a pro rata share of the loan, or the full amount plus curriculum costs if the business relocates outside city limits within the three years. This item is currently under review. The project involves business operations and potentially relocation considerations. Local businesses that provide business education curriculum or similar services, as well as those involved in business relocation services, could find opportunities. Engaging early before final agreements are settled may provide an advantage.

loan depreciation rate

33 % per year

loan depreciation rate

34 %

loan term

three year

loan repayment cost

2,500.00 $