One World Café, established in 1994 at the corner of Main and University, recently purchased the former Lagron-Miller building to their immediate east and is trying to secure financing to expand their restaurant:

Their expansion plans include the relocation of the kitchen and upgrade of appliances, reconfiguration of the dining room to increase customer capacity, creation of a separate smoking friendly dining room/bar, improvements to a privately owned parking lot and a modification to the building’s façade to conform to the proposed Renaissance Park design guidelines.

They also want to add more staff — 8 full-time and 6 part-time employees — to meet the demands of the increased customer capacity.

They’re on the city council’s agenda for Tuesday because they want to borrow money from the city’s Business Development Fund (BDF). According to the Request for Council Action, the BDF’s purpose is to provide “a secondary or ‘gap’ financing source for local businesses,” especially those in the city’s Enterprise Zone.

One World owners Husam and Salam Eid (brothers) are putting $47,200 of private equity toward the expansion and have secured a $372,000 loan from Princeville State Bank. But with the project cost estimated to be $519,200, they’re $100,000 short. That’s where the city’s BDF loan comes in.

“The BDF is a separate and dedicated account, whose sole purpose is to provide secondary financing to local companies.” In this case, the city would loan One World $100,000 at 4.25% interest for 5 years. It’s a good deal for One World and a good deal for the city — more private investment in Renaissance Park and increased employment.

As a side note, did you catch the “smoking friendly dining room/bar” in their plans? Some people think business owners shouldn’t be allowed to permit smoking on their own property.