Hello BCB Co investors and interested parties,
Here’s the news and update as of early November, 2022:
Commercial Loan
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We have selected a primary lender, Heritage Bank, and are moving forward - we have an LOI from them, and they have targeted a closing date of mid-to-late December for the construction loan.
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Heritage Bank’s loan(s) will cover the building construction costs (in stages) up to 80%LTV, as well as some or most/all of the TI’s (Tenant Improvements, aka Leasehold Improvements) for the Brewery/restaurant Business, which will be split off as a separate company, and lease the building from DDL (Detailed Development LLC). The loan itself will also likely be split between the companies as appropriate.
The Heritage Bank loan gets us partway there, there are still funds needed for ongoing construction and preparation prior to loan funding, ongoing cleanup, expenses, and of course a portion of the construction financing itself - the cover a percentage up to the Value and/or costs.
Opportunity
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There is still an investment opportunity available. We are targeting $350k in investment, which will likely get us to opening day with a contingency margin for unplanned expenses.
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We have prepared new Convertible Note funding docs for private financing / investors (See attached). These docs take into account the forthcoming split-off, and allows you, the investor, to apportion your investment as you choose, on either the Building (DDL) or the Brewery / Restaurant Business (BCB) side, as it occurs.
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Also attached is the Pro Forma Cap Table, which reflects the approximate investment percentage you will receive at the closing(s), depending on the number of investors, and total investment. First Closing will likely correspond with the Debt Financing close, subsequent Closings after this.
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Many of you on this list, are Contractors / Workers / Licensed Professionals, that have expressed interest in the project, and interest in investing and/or holding equity in the revived Boulder Creek Brewing Company project (Both the building and the business) -
**Now is the time! **
With your help, we can do it!
The community support we have received so far, is outstanding, and unprecedented -
I have looked forward for so many years to seeing the Boulder Creek Brewing Co come back to life, and play Bluegrass / Local / Acoustic / Americana music again - We are so close, and I am honored to have been able to get us this far in doing so.
Everyone we know, our other investors, local musicians, friends, family, contractors, engineers, and all of you on this list, all look forward to getting the BCBCo back up and running - we have made it this far, and are almost to the home stretch, now!
Valuation(s)
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Preliminary / Pro Forma valuations are in the mid to upper $2M range - for both the finished building / property, and the Brewery / Restaurant business, separately. These valuations will gradually become clearer over time, starting with the appraisal being done by Heritage Bank.
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As most of you know, I own the name Boulder Creek brewing company (and a few variants), as well as the domain names, website, and development infrastructure - which I will be contributing to the second company at the split-off.
Target Opening Date
Our current target date, is June 2023 - but it can be sooner with your investments! Let us know, the sooner we receive commitments from investors, the sooner we can announce the opening date -
Call to Action
Please indicate your commitment level on the attached term sheet, and return it to me with your signature, and I will sign it and return it back to you - and we can move forward with the rest of the paperwork.
Thanks again,
Best Regards, Joe
Boulder Creek Brewing Co Detailed Development LLC joe@bouldercreekbrewing.com