City Guarantees Loan to Keep Popular Restaurant
Downtown, beginning to flourish after several years of refurbishment, will retain a popular restaurant after the Culver City Redevelopment Agency’s decision to guarantee a loan for the restaurant’s owner, a city official said Thursday.
Spokeswoman Randi Joseph said the agency will guarantee a $150,000 loan for restaurateur Jay Handal, owner of San Gennaro restaurant, to keep from losing the eatery, which she said is one of the most successful businesses downtown.
Handal said he had been faced with moving when he was unable to negotiate favorable conditions for a new lease at his location at Culver Boulevard and Watseka Avenue. The guarantee will allow him to get a loan to finance a move to a larger space, he said.
“It would have been a shame to lose it just when downtown is getting off the ground,” said Joseph.
The restaurant will move to a new Culver Boulevard location in September.
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