New operator for Slow and Low from Oakland comes with baggage of its own
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| The much-hyped and now-closed Slow and Low restaurant in Old Town Elk Grove will have a new operator in February. | |
No word from the city about the taxpayer-guaranteed $500,000 loan to Slow and Low
The last several days have been a whirlwind of activity for Old Town Elk Grove's hyped Slow and Low barbeque restaurant.
Following the announcement by David Hargis, owner of Slow and Low, that the establishment would close on December 31 for retooling, he closed another of his restaurants. Hargis's Beast + Bounty permanently closed effective yesterday.
According to an August report by the Sacramento Business Journal, Hargis was in default on loans. The reason given for Beast + Bounty's closure included the inability to renegotiate their lease.
As for Slow and Low, renowned Oakland-based Horn Barbeque will take over operations of Slow and Low starting in February. In a Sacramento Bee story, no details were reported regarding the financial aspects of the operating arrangement.
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1. Has F&M Bank started to draw down the $500,000 loan guarantee the City provided?
2. Will Slow and Low, or Fast and Loose as I will now call it, be reorganized into a partnership where the debt is now shared between two owners, and will this require a new bank application and City loan guarantee contract?
3. In the event of loan default, does the City have plans for the property Slow and Low put up as collateral (an underwater parcel along Garden Highway)? May I suggest the City construct a fish farm or hold submarine races at the location!
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