New restaurant coming to Two Rivers

BIDC approves loan for The Remedy Pub & Eatery

By: Cindy Hodgson, Herald Times Reporter

TWO RIVERS — A new establishment called The Remedy Pub & Eatery will open soon at 1513 Washington St., the site that formerly housed Element American Bistro and The Cottage Restaurant & Bar.

Chris and Tracy Rusch, owners of Rusch Machine & Design on Columbus Street, received loan approval Tuesday evening from the Two Rivers Business and  Industrial Development Committee.

The BIDC approved a $105,000 loan through the city's revolving loan fund. The interest rate is 3 percent, amortized over 20 years with a balloon payout in eight years, said Lee Brocher, president of the BIDC.

For collateral, the city has an equal first position with Investors Community Bank on the real estate and equipment, Brocher said. The couple is borrowing another $105,000 from Investors Community Bank.

Additional collateral will be life insurance equal to the amount of the loan on each of the owners as well as personal guarantees.

The couple has had four loans through the city's revolving loan fund for Rusch Machine & Design since the business opened in 1999 and has paid them back in full, said City Manager Greg Buckley.

He said the fact the couple is back to invest further in the community is "a hugely positive story."

The loan from the city will cover half the cost of purchasing the building and equipment, according to a memo from Dan Pawlitzke, the city's economic development supervisor.

Of that $210,000, $21,000 will go to the city for the equipment, which the city owns because the equipment was collateral on a loan for The Cottage that now is in default. The remainder will go to Bank  First National, which owns the property.

"We are confident that it will succeed," Tracy Rusch said about their new business venture.

She said previous businesses at the site could have been successful if they'd had "decent management."

Trevor Athorp, senior business banking officer with Investors Community Bank, said Rusch Machine & Design is "an extremely successful business" and the Rusches have the needed "business acumen."

BIDC member Brian Powell told the couple he admires "either your bravery or foolishness" in
taking on the challenge.

He questioned their lack of experience in the hospitality industry, but Tracy Rusch said she has been a bartender and waitress, and she also has some cooking experience.

She will leave her other employment to devote her time to the new business while Chris Rusch will continue to operate Rusch Machine & Design.

Having approved loans for two failed restaurants at that location, the BIDC's decision on this loan was "a
tough call" in Powell's opinion.

Brocher said the committee shouldn't base its decision on its track record at the site, and others
chimed in with their agreement.

Approval by the BIDC was unanimous with Brocher abstaining because he is a restaurant owner.

The Rusches' goals are to bring people into Two Rivers to patronize their business and to provide jobs, according to Tracy Rusch.

Written information she provided to the BIDC indicates they will hire 25 part-time employees.

The restaurant will "focus heavily" on the lunch crowd, including delivery, according to Chris
Rusch.

There will be a chef's special every day for both lunch and dinner, Tracy Rusch said.

The Remedy will close at 10 p.m. on weekdays and  11 p.m. or midnight on weekends, she said.

"We don't want it to be the late-night tavern-type place," Chris Rusch said.

He compared the atmosphere they want to that of Tony's Pizza in Manitowoc.

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