Gene and Elsa Wilson are the prospective new owners of Winnebago’s Flip-n-Shake restaurant, pictured above. The Wilsons, who hope to close on the property on March 16, applied for funding from the EDA.

The Winnebago Economic Development Authority (EDA) board met for a regularly scheduled meeting on Wednesday, March 2 at 5 p.m.

An exciting item on the agenda concerned the re-opening of Winnebago’s Flip-n-Shake.

Prospective co-owners Gene Wilson and Elsa Wilson submitted an application for financing to the EDA which was under review at the March 2 meeting.

The Wilsons hope to get Flip-n-Shake up and running again much as it was under previous ownership.

“We’re not trying to change it. We want to keep it what it is, and what they’ve been serving,” Gene Wilson explained to the EDA.

The Wilsons hope to serve burgers and chicken strips, a nod to the restaurant’s traditional menu.

“Once we get going, we want to add barbecue,” Gene Wilson added.

He said the original plan was to open Flip-n-Shake on April 2; however, it is possible the opening date will be pushed back one or two weeks.

In the meantime, the Wilsons are in the process of securing financing and ownership of the property.

The Wilsons are also seeking financing from First Financial Bank of Winnebago, whom they plan to close with on March 16.

Their original EDA loan application also requested $15,550 in funds from the EDA’s revolving loan fund.

EDA specialist Angie Stier explained the requested funds would cover $8,050 in equipment costs and $3,000 in start-up costs, with the remaining funding set aside to cover the eventual cost of hiring additional employees.

“The loan review committee decided to take the middle ground and offer $11,000 as a counter to the $15,550 cost,” Stier said.

The proposed $11,000 loan would still cover the Wilsons’ equipment costs and start-up costs.

The Wilsons were agreeable to the EDA’s counter-offer, and a motion was officially put forth for the EDA board’s consideration.

“I would suggest a motion to accept the revolving loan fund application for Flip-n-Shake, offering $11,000 at an eight year term at three percent interest,” Stier said. She added the first loan payment would be due on June 1.

The loan would be contingent upon the property’s closing on March 16, with the loan secured from First Financial Bank of Winnebago.

The EDA board passed the motion unanimously and wished the Wilsons luck at their future endeavors.

In other business, the Winnebago EDA board: 

• Approved this year’s Winnebago Hall of Fame guidelines and approved initiatives to get nomination forms out to the community.

“It’s important to show people who give back to the community they are important,” EDA board member Jean Anderson noted.

• Discussed the potential of Winnebago participating in the First Children’s Finance Rural Child Care Innovation Program (RCCIP).

Stier shared she has discussed RCCIP with Fairmont’s EDA specialist and received positive feedback regarding its impact on Fairmont’s community.

“The program was able to highlight the need (for childcare) by providing news and buzz in the community,” Stier said.

She added RCCIP would be completely free-of-cost to Winnebago.

The EDA advised Stier to move forward with the program.

Stier will also continue to seek out Winnebago community members to join a core team which would collaborate with RCCIP to discuss Winnebago’s childcare needs.

• Discussed planning an engagement event to facilitate community discussion about the SuperValu site.

• Discussed a potential grant opportunity for a new pool lift at the Winnebago Pool.

Stier shared Winnebago can apply for a grant from the United States Department of Agriculture (USDA) to purchase a new pool lift.

The grant would cover up to 55 percent of the pool lift’s costs.