MATTOON - City commissioners Tuesday approved a $60,000 loan for a cook-your-own steak restaurant and a $1,450 grant that could help open another business on Broadway Avenue in Mattoon.

The loan to Broadway Beef House Restaurant comes from the Revolving Loan Fund, which provides for a 10 percent loan with a 3 percent fixed interest rate. Scott and Lisa Pitts, the restaurant owners in the 1400 block of Broadway, will provide $30,000 in equity for the equipment purchase, while U.S. Bank will provide $60,000 in financing.

Revolving Loan Fund agreements require at least 51 percent of the new jobs from the project go to low- to moderate-income workers. The restaurant will provide 14 full-time equivalent jobs. The Beef House, which will have the cook-your-own option, as well as traditional restaurant fare, is expected to open in November, based on comments from Pitts during the city council meeting.

Michelle Donnell is considering development of a business location at 1622 Broadway for a hair salon and day spa. The grant from the Mattoon Mid-town Tax Increment Financing District would pay for architectural services to evaluate the structural condition of the building. The new business could provide several jobs.

The TIF grants are based on tax money derived from the increase in tax assessments on properties within the district dating back three years ago. In many cases, the grants actually are promises for reimbursement of the business investors. The intent of the city is the overall tax base of the TIF district will increase with new or refurbished businesses and generate more tax increment money for future grants or infrastructure improvements.

In other business, the council agreed to hire Matt Frederick as the electrical code enforcement inspector, replacing Rex Snider, who left his position due to health issues. The inspector's annual salary is $34,000. The decision was made after the council met in closed session.

The council will hold a public hearing on the I-57 East TIF proposal at 7 p.m., Nov. 21, during the start of the regular council meeting that night in the council chambers in Mattoon City Hall.

Herb Meeker can be reached at hmeeker@jg-tc.com or 238-6869.