The City of Montague Downtown Development Authority (DDA) met Thursday, January 15, 2026, and continued discussion regarding a Revolving Loan Fund loan connected to Bardic Wells Meadery.
The board reviewed the status of the current loan, discussed expectations during the renegotiation process, and outlined a proposed payment structure and conditions intended to guide the business toward compliance and stability. Steve Haystead, owner of Bardic Wells Meadery, was not present for the discussion.
Payment due date noted during meeting
Board members referenced that a $50 payment was due and at the time of the meeting, no payment had been made.
The DDA emphasized that payments are part of remaining in good standing during negotiations and are tied to whether the business may participate in certain community opportunities.
Proposed payment schedule discussed
During the meeting, the DDA reviewed a payment plan intended to allow lower payments early on, with higher payments expected as time progresses. The proposal discussed included:
- $50 per month for the first six months
- $300 per month after six months
- $400 per month after one year
Board members also discussed that if payments are being made as required, the business could be eligible to sell at the Montague Farmers Market.
Missed payment consequences discussed
The DDA indicated that the payment plan would include strict enforcement.
- If one payment is missed, legal action would be taken
The DDA also discussed that if a default occurs, the loan would return to the original balance of $61,931.03, rather than the reduced figure of $43,411.91 that has been part of negotiations.
Conditions discussed for a renegotiated loan agreement
In addition to the payment schedule, the DDA reviewed proposed conditions that could be included in a renegotiated loan agreement. The discussion reflected interest in tying ongoing payments to documentation that demonstrates business activity and progress.
Proposed conditions included:
- Providing monthly sales records along with each payment
- Providing proof of advertising each month along with each payment
- Providing proof of discussions to sell the business or showing that the business is listed for sale within the first year
- Submitting an updated business plan, with the expectation that it be provided within two months
Legal consent agreement not required at this stage
The attached conditions also noted that there was no consensus on requiring a legal Consent Agreement through the court as a condition of renegotiation, due to the legal actions already outlined if payments are missed.
Next steps
The DDA did not finalize a full renegotiated loan agreement during the January 15 meeting, but outlined proposed payment expectations and conditions that could be used moving forward. Board members indicated they expect continued compliance with payments and documentation requirements as negotiations continue, with additional review and possible action expected at a future meeting.
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