CDA approves loans that could help yield Great Harvest Bread

By JAKE MEISTER - Freeman Staff

August 27, 2016

OCONOMOWOC — The Oconomowoc Community Development Authority approved three loans Wednesday evening that could help bring a Great Harvest Bread Company franchise to the city.

Jon Rasmussen of Pewaukee, who has run a Great Harvest store in Delafield since 2011, wants to bring the business to 123 and 127 E. Wisconsin Ave.

Valued at $25,000, the first loan approved would help cover a portion of the franchise fee, expansion, renovation, and remodeling costs. The loan comes with a 1 percent interest rate and five-year payoff window.

According to the executive summary section of his business plan, Rasmussen estimates that the total investment required for the project would be around $280,000. To reach the remaining portion of that goal, he plans to contribute $150,000 in personal funds and would seek about $104,000 in a bank loan.

The committee approved Feider Family Enterprises’ application for a $25,000 loan to be used for the upgrade of the property at 123 E. Wisconsin Ave., part of which would accommodate the Great Harvest Bread Company venture. In addition, the loan application would enable Feider Family Enterprises to rent out the upper level of the property.

Also approved was Jason Dvorak’s application for a $25,000 loan to help move his real estate development and consulting property management company, JLD Acquisitions, to 127 E. Wisconsin Ave. The second story of the property would serve as JLD Acquisitions’ headquarters, while the bottom floor would be rented out to Great Harvest Bread Company.

All three loans are for five years with a 1 percent interest rate.

Bob Duffy, the director of Oconomowoc’s Bureau of Economic Services, said any exterior changes to the properties would require architectural approval from the city.

In his business plan for the proposed Great Harvest Bread Company franchise, Rasmussen said the planned bakery and cafe could best be described as fast/casual. The business could seat up to 50 people and would be open every day of the week.

Rasmussen hopes to open the business this fall.