HomeMy WebLinkAboutWBC Equipment (05-23-13)WBC Equipment
Equipment
Cost
Kegs
Cellar Equipment
Lab Equipment
Mobile Pump
Yeast Tank
Walk In Cooler
Malt Mill & Handling EQ
Keg Filler
Growler Filler
rorklift
Pallet Jack
Canning Line
CO2 Tank
Air Compressor
Water Filter
Barrels
POS System
3 Compartment Sink
CIP
Barrel Filler
Hot Liquor Pump
Cold Liquor Pump
Water Softerner
100,000.00
125,000.00
15,000.00
2,550.00
5,000.00
15,000.00
13,000.00
20,000.00
27,545.00
0,500.00
400.00
90, 000.00
500.00
600.00
1,500.00
15,000.00
1,500.00
750.00
10,000.00
1,000.00
2,500.00
2,500.00
700.00
$ 419,995.00
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO :
FROM :
Members of the Housing and
Commercial Loan Conunittee
or
Com. and Econ. Dev.
DATE:
SUBJECT;
REFERENCES:
ENCLOSURES:
April 19th, 2013
FILE :
Wynwood Brewing Company
Economic Development Loan
BORROWER
Wynwood Brewing Company, LLC is a start-up brewery in Wynwood with Mr. Luis G.
Brignoni and .Mr, Luis C. Brignoni, a father and son team as majority members. .Mr. G.
Brignomi holds a Bachelor Degree in Business Administration but his passion has been
making craft beer. in the past five years, he has used his interest in brewing in various
capacities to understand all aspects of the brewing industry from procurement of raw
materials and dealing with suppliers to understanding the behavior of different yeast
strains necessary for a successful micro -brewery.
Mr. C. Brignoni is a retired senior executive in the pharmaceutical industry. He is
experienced in all aspects of sales and marketing, including staff allocation, public
relations, working with distributers and new market penetration.
The Brignonfs will be joined in :management of the brewery by an experienced Master
Brewer, Dr. James "Jim' K. Patton. Dr. Patton has successfully designed arid operated a
micro -brewery in Louisiana which started from 1,000 barrels a year operations to 20,000
barrels a year.
BACKGROUND
On. June 18tr', 2009, the Miami City Commission by resolution number 09-0302 approved
the Economic Development Loan Program policy which provides financial assistance to
businesses for the creation or retention of jobs to low and moderate income persons.
BORROWERS REOUEST:
Whereas the borrowers continue to prepare for the opening of the brewery, unforeseen
rehabilitation expenses to the main factory has meant that the public tasting part of the
operation cannot be constructed without additional capital for equipment and
infrastructural updates required by the County's Water and Sewer department. The
borrowers are therefore requesting a grant of $420,000 to purchase equipment necessary
for the public events which are important for marketing purposes and critical for the
brewery to meet its projected growth.
FINANCIAL ANALYSIS
To assist in making a decision, the business provided a business plan and projected
financials for the next three years.
Market: A review of the business plan and industry information shows that Wynwood in
Miami is a prime location for the business based on the demographics of the area and the
type of businesses in the area. In addition, the micro -brewery industry as a whole has
seen a tremendous growth in the last few years domestically and in the export market.
According to the Brewers Association, the American craft beer industry set a new record
for exports in 2012 based on results from a recently completed industry survey. The
Association reported that craft beer export volume increased by 72% compared to 2011,
with a value estimated at $49.1 million.
Financial: A review of the financial plan shows that the direct cost of the beer is more
than approximately 16%. This is above the industry average of 10%. This could be due to
perhaps the lower projected revenue per pint or an usually high cost of materials.
Nevertheless, it means that there is a potential to earn more revenue by reducing the cost
to industry average.
Based on the breakeven analysis (attached), the business should become profitable in
year two.
DEPARTMENTAL RECOMMENDATION
The Department of Community and Economic Development has reviewed the financials
of the business, the use of the requested loan and the possibility of creating the required
number of jobs as required by regulations and recommends the Housing and Commercial
Loan Committee recommends the approval of the amount of $420,000 in CDBG funds
subject to the following conditions and terms:
1. Funds to be used only for the purchase of equipment and furnishings.
2. No funds will disbursed until thecompletion of environmental clearance
3. 12 Jobs must be created/ according to the following schedule:
a. 3 jobs within 6 months of the loan closing and complete disbursement of
the loan.
b. Additional 3 jobs within one year from the complete disbursement of the
loan.
c. All 12 jobs to be created within 2 years of the complete disbursement of
the loan.
4. The loan will be at zero percent (0%) for a term of 5 years with quarterly
payments beginning 24 months from loan closing.
5. Officers and Directors of the Applicant shall sign Unlimited Guaranties.
6. Commercial Insurance Policies naming the City of Miami as loss payee in an
amount acceptable to the City of Miaini Risk Department. All policies shall
provide the City with mandatory 30 days written notices in cases of cancellation
or material change.
7. Requires a collateral position of any and all real property or equipment pledge as
security for the loan.
8. Loans for equipment will require UCC-1 filings.
9. Once the loan is closed, recipient may not pledge, transfer, hypothecate,
encumbrance or dispose of any asset purchased, in whole or in part, with funds
from the City of Miami, without the written approval from the City of Miami.
10. The City of Miami may impose late fees if the business does not pay on a timely
manner.
11. If a business does not meet its minimum employment requirements, then the City
shall call the loan payable within 30 days.
Housing and Commercial Loan Committee Decision:
Approved as Recommended by Staff
To Include Additional Conditions or Restrictions
Disapproved
To Include Further Action
Specify any further action, conditions or restrictions:
Yes[] No ❑ NIA ❑
Yes0 No ❑ N/A ❑
Yes❑ No ❑ N/A 0
Yes0No0N/A ❑
Chairperson or Representative
Attachments:
1, Loan Application
2. 3 year Financial Statements
3. Resume of Key Management
4. Wells Fargo Commitment (unsigned)
5. Industry Cost Analysis
6. Beer Awards at Miami Spring! Festival
119 1;
Stamp Date
HOUSING LOAN COMMITTEE
APR 19 2013
APPROVED END
1
6"
LOAN APPLICATION
ECONOMIC DEVELOPMENT LOAN PROGRAM
Community
Development
Information About You and Your Business
Legal Name of Business/Applicant: Wynwood Brewing Company, LLC
Business Address: 565 NW 24th Street
City: Miami Zip Code: 33127
E-Mail: BGomez@RedvGroup.com
Business Phone: (305) 490-7371 Business Tax ID Number: 27-5016453
Business Fax Number: (305)260-6265
Is this a new Business? Lid Yes CO No
Type of Organization: 0 5 Corporation EJ C Corporation 0 Proprietorship ❑ Limited Partnership
0 General Partnership Q Limited Liability Company 0Other:
Principal Product/Service: Brewing Company
Year Business Established: 2011 Length of Time Current Ownership in Place: 2 Years 1 Months
Owner/Authorized Signers Name: Luis G Brignoni
Home. Address: 8850 West Hagler St.; Apt #11
City: Miami Zip Code: 33174
Telephone: (305)434-0323 Social Security Number:
Principals/Owner Owning 20% or More of the Business — Provide Title(s) and Percentage of Ownership:
Name: Luis G Brignoni Title: President/Founder % Ownership: 46,25
Name: Luis C. Brignoni
Title: Co -Founder % Ownership: 46.25
*IMPORTANT*
Should the Business/Loan Applicant answer yes to any of the following questions, he/she must provide any and all
details under separate cover and submit it with this application. The Business Loan Applicant must provide all
pertinent information including names, dates, times, types, dollar amounts, circumstances, status and dispositions
relevant to the appropriate question(s):
Does the Owner/Authorized Signer own any interest In any other business(s)? ❑ Yes I-'J No
Is the business a franchise or license company? ElYes 21 No
Does the business have any other affiliates, subsidiaries, or parents? E) Yes (i6 No
Are there any tax liabilities outstanding from previous reporting periods? ❑ Yes Li No
Does the business have any contingent liability? ❑ Yes Lr No
Is the business/loan applicant presently a party to any claim or lawsuit? ❑ Yes rg No
Has the business Loan Applicant or any proposed guarantor ever declared bankruptcy? ❑ Yes if No
Is the business Loan Applicant an endorser, guarantor or co maker for obligations not listed on the finan ial
statements? ❑ Yes No
Information About Your Project
Size of Current Facility: 7,000 Sq. ft. ❑ Own Q Term of Current Lease: 5 years
Is the funding going to be used for construction or rehabilitation? Yes
No ❑
Loan Purpose: The purpose of the loan is for equipment purchases and contruction.
Describe how the funds will be used; $48,500 will be utilized for construction costs with the remainder
$371,500 going towards the purchase of machinery and equipment.
Briefly Describe the Assets to be acquired (if applicable): Some of the assests to be aquired include the following:
kegs, 2.30 BBL Tanks, Mobile Pump. Yeast Tank, Walk -In Cooler, Malt Mill & Handling EO. Keg filler Growler
Filler, Forklift, Pallet Jack, Bottling Line Lablin_gMachine, CO2 Tank, Air Compressor, Water Filter, Barrels,
POS System, Computers, 3 Compartment Sink, CIP, Barrel Filler, Pallet Wraper, Pressure Washer
Guarantor(s):Wynwood Brewing Company, LLC- Luis G. Brignoni Name
Title/Relationship to Applicant Founder/President- Self
2
Project Sources and Use of funds
PROJECT USE OF FUNDS
Building (Renovation
&Improvements): $ 310,648
Building Expansion $
Machinery & Equipment: $ 624,120
Furniture & Fixtures $
Technology Infrastructure: $
Other: $ 325,832
TOTAL PROJECT COSTS $ 1,260,600
OTHER SOURCE OF PROJECT FUNDS
Equity Investment: $ 253,900 Source:
Bank Loan: $586,700 Rate: 6% Term: 112 Mths
Government Grants: $ 420,000 Rate: Term:
Government Loans: $ Rate: Term:
Other: $ Rate: Term:
TOTAL PROJECT SOURCES: $1,260,600
3
* PLEASE SEE TAB #3
Job Creation/Retention Information
List the number of new employees to be hired as a result of this loan within the next three years.
NUMBER OF NEW
EMPLOYEES
(FULL TIME/PART TIME)
JOB TITLE
DESCRIPTION
HOURLY
RATE
1
FT/PT
Assistant Brewmaster
$ 11.54
Per Hour
3
FT/PT
Marketing Coordinator
$ 14.42
Per Hour
7
FT/PT
Cellar Person
$ 9,00
Per Hour
1
FT/PT
Taproom Manager
$ 14.42
Per Hour
-* In addition 7 PT Beer Tenders & a Security Guard, Please see Tab 113
Number of Existing * Full Time Employees: 1 Current Annual Payroll: $ 30.0 0 0
*Full time employee is one employee working at least 40 hours a week, year round. Part time employees should be
converted to full time equivalents.
Third Year Projected Full Time Employees: 19
Third Year Projected Annual Payroll: $ 355,165.60
List the number of existing employees to be retained as a result of this loan within the next three years.
RETAINED
EMPLOYEES
(FULL TIME/PART TIME)
JOB TITLE
DESCRIPTION
HOURLY
RATE
1
FT/PT
Brewmaster
$ 17.
00
Per Hour
FT/PT
$
Per Hour
FT/PT
$
Per Hour
FT/PT
$
Per Hour
4
Authorization
The information contained herein is true, complete and correct to the best of my knowledge. I certify that I have
authority to apply for this loan on behalf of the business described herein. I understand that this information may
be made available for public review and is subject to the terms of the Florida Public Records Act. In the event of
loan approval, the undersigned grants permission to the City to release publicity articles regarding the financing of
the project. The City may also check the personal credit history of the principal ownerls) and/or key individuals.
By signing below, the undersigned agrees that the loan will be used for business purposes only and not for
household, personal, or consumer usage. I understand that any willful misrepresentation on this statement could
result in a fine and/or imprisonment under provision of the United States Criminal Code U,S.C. Title 18, Section
1001.
Applicant:
Luis G. Brignoni President/ Founder
Print Name
3 11
nature Date
Applicant:
Title
Print Name Title
Signature Date
5
COMPLETE YOUR APPLICATION
Please attach the following items and information to complete this application package:
REQUIRED INFORMATION
CO One of the following finantial documents (mark one) must be submitted:
ED Previous Three (3) Years of Historical Business Financial Statements
I] Corporate Tax Returns (Balance Sheet, Profit & Loss, Cash Flow)
Current and Previous Year Comparative Interim Business Financial Statement (Balance Sheet,
� } Profit & Loss, Cash Flow current within 90 days) Please See Tab #5
iJ'' Two (2) Years of Projected Business Financial Statements (Balance Sheet, P & L, Cash Flow) showing that the
business can continue to operate in the next two years after this assistance. Please See Tab #5
W33 Resumes of Officers and Key Management Personnel for the Business Please See Tab #6
WI Authorization to release credit information Please See Tab #7
Governing Instruments for Business Including Articles of Incorporation, Partnership Agreement(s), Articles of
Organization and Operating Agreement(s) for Limited Liability Companies, Sate of Florida Certificate of Good
Standing Please See Tab 4$8
CONTINGENT INFORMATION (to be provided after application approval, if applicable)
CO Copy of the Construction/Rehabilitation Cost Estimates and the Scope of Work (if applicable)
O List of Equipment and Fixtures to be purchased Including three (3) detailed quotations for each item listed.
C Executed Tenant(s) Letter of Commitment or Copy of the Lease Agreement (if applicable)
D Environmental Clearance Evidence — Phase 1/ Phase Ii Environmental Review Reports (if applicable)
ED List of Current Employees and copy of payroll documents including job title, salary Information and whether
position is part time or full time.
C3 Commercial Insurance Policy
The City reserve the right to request additional information about the business, Business Owner(s) and or
Applicant that may be needed to process the loan application.
6
Wynwood Brewing Company
Breakeven Analysis
Breakeven Analysts Dollars Perceht
Annual Sales Revenue $ 723,295 100.00%
Cost of Sales 164,295 22.71%
3ross Margin 559,000 77.29%
Salaries and Wages 331,314
Fixed Operating Expenses 245,703
Total Fixed Business Expenses 577,017
Breakeven Salts Calculation 577,017
77.29%
Breakeven Sales in Dollars $ 746,607.
Wynwood Brewing Company
Year End Summary
Year One % Year Two % Year Three
Income
SOL Kegs 90,200 132,000 264,000
116 Kegs 170,495 206,400 258,000
Pints/Samples Retail 378,000 546,000 651,000
Six Packs To -Go 4,140 16,560 2,080
Total Income 723,295 100.00% 900,960 100.00% 1.195,080 100.00%
Cost of Sates
50L Kegs 46,519 68,076 136,152
1/6 Kegs 74,859 90,624 113,280
Pints/Samples Retail 23,760 34,320 40,920
Six Packs To -Go 2,077 8,309 11,078
Total Cost Of Sales 147,215 20.35% 201,329 22.35% 301,430 25.22%
Gross Margin 559,000 77.29°9 834,732 , 92.65% 1,105,168 92.48%
Total Salary and Wages 299,019 41.34% 436,440 48.44% 461,211 38.59%
Fixed Business Expenses
Advertising 3,600 5,400 6,000
Car and Truck Expenses 3,000 3,600 4,200
Bank & Merchant Fees 600 600 600
Conferences & Seminars 3,000 3,600 3.900
Customer Discounts and Refunds 1,200 1,500 1,560
Dues and Subscriptions 420 600 900
Miscellaneous 6,000 6,180 6,365
Insurance (Liability and Property) 8,400 9,000 15,914
Licenses/Pees/Permits 4,620 4,800 4,901
Legal and Professional Fees 2,400 3,000 3,060
Office Expenses & Supplies 600 1,800 1,920
Postage and Delivery 600 900 1,200
Rent (on business property) 82,390 86,135 105,840
Sales & Marketing 3,000 4,200 4,800
Taxes -Other 1,200 2,400 2,580
• Telephone and Communications 6,000 6,800 7,200
Travel 3,000 4,200 4,500
Utilities 36,000 42,000 54,000
Total Fixed Business Expenses 166,030 22.95% 186,515 20.70% 229,440 19.20%
Operating Income (before Other Expenses)
(EBITDAI
Other Expenses
Amortized Start-up Expenses
Depreciation
Interest
Commercial Loan
Taxes
Total Other Expenses
Net Income
93,951 12.99%
211,776 23.51% 414,516 34.69%
14,773 14,773
66,643 66.643
31,148 28,626 25,980
12,561 23,301 64,379
43,709 6.04%
50,242 6.95%
133,343 14.80% 171,775 14.37%
78,433 8.71% 242,742 20.31%
Wynwood Brewing Company
Projected Income Statement - Year One
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Totals
Income
50L Kegs 5,500 5,500 5,500 5,500 5,500 6,600 7,700 8,800 9,900 9,900 9,900 9,900 90,200
1/6 Kegs. 8,600 12,900 13,330 13,545 13,760 14,190 14,620 15,050 15,480 15,910 16,340 16,770 170,495
PInts/Samples Retail 24,500 24,500 24,500 28,000 26,000 28,000 35,000 35,000 35,000 38,500 38,500 38,500 378,000
Gallon Growler 900 1,200 1,500 1,800 2,100 2,400 2,400 2,400 2.400 2,400 2,400 2,400 24,300
32 oz Growlers 400 600 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,800
Cases 2,520 2,520 2,520 2,520 2,520 2,520 5,040 5,040 5,040 5,040 5,040 5,040 45,360
Six Packs To -Go 345 345 345 345 345 345 345 345 345 345 345 345 4,140
Total Income 42,765 47,565 48,495 52,710 53,225 55,055 66,105 67,635 69,165 73,095 73,525 73,955 723,295
Cost of Sales
SOL Kegs 2,837 2,837 2,837 2,837 2,837 3,404
1/6 Kegs 3,776 5,664 5,853 5,947 6,042 6,230
Pints/Samples Retail 1,540 1,540 1,540 1,760 1,760 1,760
Galion Growler 230 306 383 460 536 613
32 oz Growlers 96 145 193 241 241 241
Cases 460 460 460 460 460 460
Six Packs To -Go 173 173 173 173 173 173
Total Cost of Sales 9,111 11,124 11,438 11,877 12,048 12,881 14,536 15,293 16,049
Gross Margin 33,654 36,441 37,057 40,833 41,177 42,174 51,569 52,343 53,118
3,971
6,419
2,200
613
241
919
173
4,538
6,608
2,200
613
241
919
173
5,108
6,797
2,200
613
241
919
173
5,106
6,986
2,420
613
241
919
173
5,106
7,174
2,420
613
241
919
173
5,106 46,519
7,363• 74,859
2,420 23,760
613 6,205
241 2,603
919 8,273
173 2,077
16,457 16.646 16,835 164,295
56,638 56,819 57,120 559,000
Total Salary and Wages 24,918 24,918 24,918 24,918 24,918 24,918 24,918 24,916 24,918 24,918 24,918 24,918 299,019
Fixed Business Expenses
Advertising 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Car and Truck Expenses 250 250 250 250 250 250 250 250 250 250 250 250 3,000
Bank & Merchant Fees 50 50 50 50 50 50 50 50 50 50 50 50 600
Contract Labor - - - - - - - - -
Conferences 8 Seminars 250 250 250 250 250 250 250 250 250 250 250 250 3,000
Customer Discounts and Refunds 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Dues and Subscriptions 35 35 35 35 35 35 35 35 35 35 35 35 420
Miscellaneous 500 500 500 500 500 500 500 500 500 500 500 500 6,000
Insurance (Liability and Property) 700 700 700 700 700 700 700 700 700 700 700 700 8.400
Licenses/Fees/Permits 385 385 385 385 385 385 385 385 385 385 385 385 4,620
Legal and Professional Fees 200 200 200 200 200 200 200 200 200 200 200 200 2,400
Office Expenses 8 Supplies 50 50 50 50 50 50 50 50 50 50 50 50 600
Postage and Delivery 50 50 50 50 50 50 50 50 50 50 50 50 600
Rent (on business property) 6,866 6.866 6,866 6,866 6,866 6,866 6,866 6,866 6,866 6,866 6,866 6.866 82,390
Rent of Vehicles and Equipment - - - - - - - - - -
Sales & Marketing 250 250 250 250 250 250 250 250 250 250 250 250 3,000
Taxes -Other 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Telephone and Communications 500 500 500 500 500 500 500 500 500 500 500 500 6,000
Travel 250 250 250 250 . 250 250 250 250. 250 250 250 250 3,000
Utilities 3,090 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36.000
Total Fixed Business Expenses 13,836 13,836 13,836 13,836 13,836 13,836 13,836 13,836 13,836 13,836 13,836 13,836 166,030
Other Expenses
Amortized Start-up Expenses
Depreciation
Interest
Commercial Loan 2,685 2,669 2,652 2,636 2,619 2,602 2,585 2,596 2,552 2,535 2,517 2,500 31,148
Taxes - - - - - - - 834 2,362 3,070 3,122 3,173 12,561
Total Other Expenses 2,685 2,669 2,652 2,636 2,619 2,602 2.585 3,430 4,914 5.605 5,639 5,673 43,709
Net Income (7,785) (4,982) (4.349) (557) (196) 818 10,230 10,158 9.448 12,279 12,486 12,693 50,242
Wynwood Brewing Company
Projected Income Statement - Year Two
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Totals
Interne.
50L Kegs 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 132,000
1 /6 Kegs 17,200 17,200 • 17,200 17,200 17,200 17,200 17,200 17,200 17,200 17,200 17,200 17,200 206,400
PlntslSamples Retail 45,500 45,500 45,500 45,500 45,500 45,500 45,500 45,500 45,500 45,500 45,500 45,500 546,000
Gallon Growler 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 43,200
32 oz Growlers 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 21,600
Cases 5,040 5,040 5,040 7,560 7,560 7,560 10,080 10,080 10,080 12,600 12,600 12.600 105,840
Six Packs To -Go 1,380 1,380 1,380 1,380 1,380 1,380 1,380 1,380 1,380 1,380 1,380 1,380 16,550
Total lncome 85,520 85,520 85,520 88,040 88,040 88,040 90,560 90,560 90,560 93,080 93,080 93,080 1,071,600
Cost of Sales
501 Kegs 5,673 503 5,673 5,673 5,673 5,673 5,673 5,673 5,673 5,673 5,673 5,673 68,076
116 Kegs 7,552 7,552 7,552 7,552 7,552 7,552 7,552 7,552 7,552 7,552 7,552 7,552 90,624
Pints/Samples Retail 2,860 2,860 2,860 2,860 2,860 2,860 2,860 2,880 2,860 2,860 2,860 2,860 34,320
Gallon Growler 919 919 919 919 919 919 919 919 919 919 919 919 11,030
32 oz Growlers 434 434 434 434 434 434 434 434 434 434 434 434 5,206
Cases 919 919 919 1,379 1,379 1,379 1,838 1,838 1,838 2,298 2,298 2,298 19,303
Six Packs To -Go 692 692 692 692 692 692 692 692 692 692 692 692 8,309
Total Cost of Sales 19,050 19,050 19,050 19,509 19,509 19,509 19,969 19,969 19,959 20,428 20,426 20,428 236,868
Gross Margin 66,470 66,470 66,470 68,531 58,531 68;531 70,591 70,591 70,591 72,652 72,652 72,652 834,732
Total Salary and Wages 36,370 36,370 36,370 36,370 36,370 36,370 36,370 36,370 36,370 36,370 36,370 36,370 436,440
Fixed Business Expenses
Advertising 450 450 450 450 450 450 450 450 450 450 450 450 5,400
Car and Truck Expenses 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Bank & Merchant Fees 50 50 50 50 50 50 50 50 50 50 50 50 600
Conferences & Seminars 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Customer Discounts and Refunds 125 125 125 125 125 125 125 125 125 125 125 125 1,500
Dues and Subscriptions 50 50 50 50 50 50 50 50 50 50 50 50 600
Miscellaneous 515 515 515 515 515 515 515 515 515 515 515 515 6,180
Insurance (Liability and Property) 750 750 750 750 750 750 750 750 750 750 750 750 9,000
Licenses/Fees/Permits 400 400 400 400 400 400 400 400 400 400 400 400 4,800
Legal and Professional Fees 250 250 250 250 250 250 250 250 250 250 250 250 3,000
Office Expenses & Supplies 150 150 150 150 150 150 150 150 '150 150 150 150 1,800
Postage and Delivery 75 75 75 75 75 75 75 75 75 75 75 75 900
Rent (on business property) 6,866 6.868 6.866 6,866 6,666 6,866 7,490 7,490 7,490 7,490 7,490 7.490 86,135
Sales & Marketing 350 350 350 350 350 350 350 350 350 350 350 350 4,200
Taxes -Other 200 200 200 200 200 200 200 200 200 200 200 200 2.400
Telephone and Communlcatlons 550 550 550 550 550 550 550 550 550 550 550 550 6,600
Travel 350 350 350 350 350 350 350 350 350 350 350 350 4,200
Utilities 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3.500 3,500 3,500 3,500 3,500 42.000
Total Fixed Business Expenses 15,231 15,231 15,231 15,231 15,231 15,231 15,855 15,855 15,855 15,855 15,855 15,855 186,515
Other Expensee
Amortized Start-up Expenses 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1.231 14,773
Depreciation 5.554 5,554 5,554 5.554 5,554 5,554 5,554 5.554 5,554 5,554 5,554 5,554 66,643
Interest
Commercial Loan 2.483 2,465 2,448 2.430 2,413 2,395 2,377 2,359 2,341 2.323 2,305 2,287 28,626
Taxes 1,367 1.370 1,374 1,789 1,793 1,796 2,087 2,091 2,094 2,510 2,514 2,517 23,301
Total Other Expenses 10,634 10,620 10,606 11,004 10,990 10,976 11,249 11,234 11,220 11,618 11,603 11,589 133,343
Net Income 4,235 4,250 4,263 5,926 5,940 5,954 7,117 7,132 7,146 8,809 8,823 8,838 78,433
Wynwood Brewing Company
Projected Income Statement - Year Three
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Totals
Income
50L Kegs .22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 264,000
116Kegs 21,500 21,500 21,500 21,500 21,500 21,500 21,500 21,500 21,500 21,500 21,500 21,500 258,000
Pints/Samples Retail 54,250 54,250 54,250 54,250 54,250 54,250 54,250 54,250 54,250 54,250 54,250 54,250 651,000
Gallon Growler 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 57,600
32 oz Growlers 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000
Cates' 13,020 13,440 13,860 14,280 14,700 15,120 15,540 15,960 16,380 16,800 17.220 17,640 183,960
Six Peeks To -GO • 1,840 1,840 1,840 1,840 1,840 1,840 1,840 1,840 1,840. 1,840 1,840 1,840 22,080
Total Income 119,410 119,830 120,250 120,670 121,090 121,510 121,930 122,350 122,770 123,190 123,610 124,030 1,460.640
Cost of Sale$
50L Kegs 11,348 11,346 11,346 11,346 11,346 11,346 11,346 11,346 11,346 11,346 11,346 11,346 136,152
1/6 Kegs 9,440 9,440 9,440 9,440 9,440 9,440 9,440 9,440 9,440 9,440 9,440 9,440 113,280
PintstSarnples Retail 3,410 3,410 3,410 3,410 3,410 3,410 3,410 3,410 3,410 3,410 3,410 3,410 40,920
Gallon Growler 1,226 1,226 1,226 1,226 1,226 1,226 1,226 1,226 1,226 1,226 1,226 1,226 14,707
32 oz Growlers 482 482 462 482 482 482 482 482 482 482 482 482 5,784
Cases 2,375 2,451 2,528 2,604 2,681 2,758 2,834 2,911 2,987 3,064 3,141 3,217 33,551
Six Peeks To -GO 923 923 923 923 923 923, 923 923 923 923 923 923 11,078
Total Cost of Sales 29,201 29,278 29,355 29,431 29,508 29,584 29,661 29,738 29,814 29,891 29,967 30,044 355,472
Grost Margin 90,209 - 90,552 90,895 91,239 91,582 91,926 92.269 92,612 92,956 93,299 93,643 93,986 1,105,168
Total Salary and Wages 38,434 38,434 38,434 38,434 38,434 38,434 38,434 38,434 38,434 38,434 38.434 38,434 461,211
Fixed Business Expenses
Advertising 500 500 500 500 500 500 500 500 500 500 500 500 6,000
Car and Truck Expenses 350 350 350 350 350 350 350 350 350 350 350 350 4,200
Bank & Merchant Fees 50 50 50 50 50 50 50 50 50 50 50 50 600
Conferences & Seminars 325 325 325 325 325 325 325 325 325 325 325 325 3,900
customer Discounts and Refunds 130 130 130 130 130 130 130 130 130 130 130 130 1,560
Dues and Subscriptions 75 75 75 75 75 75 75 75 .75 75 75 75 900
Miscellaneous 530 530 530 530 530 530 530 530 530 530 530 530 6,365
Insurance (Liability and Property) 1.326 1,326 1,326 1,326 1,326 1,326 1,326 1,326 1,326 1,326 1.326 1,326 15,914
Licenses/Fees/Permits 408 408 408 408 408 408 408 408 408 408 408 408 4,901
Legal and Professional Fees 255 255 255 255 255 255 255 255 255 255 255 255 3,060
Office Expenses & Supplies 160 160 160 160 160 160 160 160 160 160 160 160 1,920
Postage and Delivery 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Rent (on business property) 8,820 8,820 8,820 8,820 8,820 8,820 8,820 8,820 8,820 8,820 8,820 8,820 105,840
Sales & Marketing 400 400 400 400 400 400 400 400 400 400 400 400 4,800
Taxes -Other 215 215 215 215 215 215 215 215 215 215 215 215 2,580
Telephone and Communicatrons 600 600 600 600 600 600 600 600 600 600 600 600 7,200
Travel 375 375 375 375 375 375 375 375 375 375 375 375 4,500
Utilities 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54,000
Total Fixed Business Expenses 19,120 19,120 19,120 19,120 19,120 19,120 19,120 19,120 19,120 19,120 19,120 19,120 229,440
Other Expenses
Amortized Start-up Expenses 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 14,773
Depreciation 5,554 5,554 5,554 5,554 5,554 5,554 5.554 5.554 5,554 5,554 5,554 5,554 66,643
interest
Commercial Loan 2,268 2,250 2,231 2,213 2,194 2,175 2,156 2,137 2,118 2,099 2,079 2.060 25,980
Taxes 4,967 5,039 5,111 5,184 5,258 5,329 5,401 5,474 '5,546 5.618 5,891 5.764 64,379
Total Other Expenses 14,019 14,073 14,127 14,181 14,235 14,288 14,342 14,395 14,449 14,502 14,555 14,608 171,775
Net Income 16,635 18,924 19,214 19,503 19,793 20,083 20,373 20,663 20,953 21.243 21,534 21,823 242,742
Luis G. Brignoni
8850 W. Flagler St. Unit 11 • Miami, FL 33174 ■ (305) 434-0323 is luis@wyynwoodbrewing.com
PROFESSIONAL EXPERIENCE
Wynwood Brewing Company: Miami. FL
Founder and President
April 2011— Present
• Create and execute successful business plan to secure financing for the start up of the business.
• Responsible for carrying out vision, branding, marketing, permitting and purchasing of all equipment
and peripherals necessary to operate
• Bring on -board a successful team of advisors to help execute the vision of the business
Arbitron Inc: Miami, FL July 2010 — April2011
Bilingual Membership Representative
• Responsible for in -person recruiting of households to participate in panel for TV and Radio ratings.
• Duties included: conducting presentation, explanation of facts/features/benefits, get commitment from
all household members by overcoming any objections, install equipment in household, built positive
relationships with panelist to get ongoing participation and provided follow-up service, route -planning,
and manage equipment inventory in home office.
• Met weekly/monthly quotas with an above average closing rate of 36% compared to the desired 20%
standard.
Music Industry Educators: Miami, FL February 2008 —June 2010
Vice -President of Student Operations
• Worked closely with Directors and Deans of partnering institutions to implement successful local
marketing techniques to acquire new student populations.
• Collaborated with President of company on how to strategically partner with specific colleges and
universities to offer our programs to increase the number of our students enrolling.
• Assisted President in all aspects of marketing and sales, from the development of advertising materials
,to registering students,
. • Prospected new college partners and cold called to offer our programs and services.
Premier Alliances: Miami Beach, FL February 2007 - August 2007
Marketing Assistant
• Conducted sales over the telephone to online wholesalers and retailers by way of prospecting and cold
calling.
• Conducted Event Planning; including venue acquisition, creation of event theme, event logistics while
meeting all project deadlines.
• Responsible for creating sponsorship presentations as well as sponsorship acquisition for events and
coordinating these ideas and opportunities with corporate marketing executives.
EDUCATION
Florida International University Miami, FL
Bachelor in Business Administration Graduated May 2008
Major: International Business
.EXTRACURRICULAR ACTIVITIES / ACHIEVEMENTS
American Marketing Association (AMA)
• Member of Top 8 Chapter at FIU among three hundred different chapters internationally.
• Member of the 2007 Dean's list of the Undergraduate School of Business
ADDITIONAL SKILLS
Computer: Word, Excel, PowerPoint, Outlook, Access, PC and Mac.
LANGUAGES
iluent in the Spanish and English languages.
MEMBERSHIPS
Member of the American Homebrewers Association.
Luis C. Brignoni
P.O. Box 370456 Miami, FL 33137-0456 —565 NW 24th St. Miami FL, 33127
* Cell: (407) 340-6383 * Email: lcbrignoninwynwoodbrewing.com
Senior Executive with more than 27 years of experience managing sales, marketing and finance
operations, personnel at district, regional, and corporate levels for pharmaceutical companies.
Successful experience opening new markets and new business entities creation.
Proven ability to significantly increase growth, profitability, efficiency, quality and service.
Professional Experience:
2011 - Present Wynwood Brewing Company, LLC
Co - Founder
565 NW 24th St. Miami FL, 33127
2003 - Present Brigno L & M, L LC,
President - Real Estate Investments
1457 Belfiore Way Windermere, Fl. 34786 / lbrignoni.cnr cfl.rr.com
2001 - 2003 Pfizer Corporation
General Manager — Sales & Marketing, Puerto Rico & the Caribbean
Location; Dorado, PR
Accomplishments:
* Total sales of $ 90 USMD, 5% over budget and 32% over prior year. EBIT 32% over target
* Successful awareness to the commercial and manufacturing sites through Pharmacia
Identity Public Relation Campaign in Puerto Rico
* Finalize merger integration of both Pharmacia & Upjohn and Searle Caribbean to
Pharmacia Corporation
1999 - 2001
Pharmacia Corporation
Latin America Director, Ophthalmology Franchise
Global Business Management
Location: Peapack, .NJ, USA
Accomplishments:
* Active role in the creation of the Latin America Glaucoma Society
* Successful integration of both Sales and Marketing Organizations in Latin America
* Creation of the Rollout Teams - Cross functional teamwork
* Top line sales growth - 30% over prior year
1994 - 1999
Pharmacia & Upjohn, Inc.
Regional Marketing Director Latin America
Kalamazoo, MI / Bridgewater, NJ, USA
Accomplishments:
* Successful acceleration of new products introduction into Key Latin America Markets
* Implementation of common marketing strategies for all Latin American countries
* Re- opening the pharmaceutical markets in Argentina and Brazil
Experience & Knowledge:
Managerial Skills:
Activities:
Education:
References:
* Fully capable of writing and speaking English and Spanish
* Sales and marketing for prescriptions and consumer products
• * Personnel management and administration
* Domestic (USA) and International business (Latin America)
* Implementation of policies and procedures
* Leadership and flexibility
* Written and oral communication
* Self motivated and self driven
* Initiative and creativity
* Human relations and negotiation
* Decision making
* . Business and people oriented
* Former Member of Pharmacia Corporation Leadership Team
* Member of Pharmaceutical Industry Association (PR)
* Member of Sales and Marketing Executives (SME)
* Member of the Lions Club, PR chapter
* American Graduate School of International Management
(Thunderbird) Scottsdale, Arizona
Course: Managing for Growth (International Sales & Mkt)
* University of Puerto Rico, Rio Piedras
Bachelor of Arts in Economics
Upon Request
SBA Lending
October 29, 2012
Luis C. Brignoni
Luis G. Brignoni
Wynwood Brewing Company, LLC
173 NW 36th Street, Unit 1
Miami, FL 33127
Dear Messrs. Brignoni:
1455 W LAKE ST
MINNEAPOLIS, MN 55408
This Commitment Letter Replaces the Letter
Dated June 11, 2012 and the Amendment
Dated June 20, 2012.
This letter is to confirm that Wells Fargo Bank, National Association (also referred to as 'Wells Fargo SBA
Lending" and the "Bank"), subject to all the terms and conditions contained herein, has agreed to make
available to Wynwood Brewing Company, LLC ("Borrower") the following described credit accommodation,
so long as there has been no material adverse change In Borrower's financial condition as determined by
the Bank.
Loan Amount: $586.,700.00 Bank SBA 7A term loan with construction.
Purpose: To assist with the leasehold improvements, equipment, inventory and working capital fora
start up micro -brewery business.
Interest Rate: Adjustable Rate based on the Prime Rate as listed in the Wall Street Journal plus a spread
of 275%. Based on the current Prime Rate and the spread, the current interest rate is
6.00%. The initial interest rate will be based upon the Prime Rate that was fn effect on the
first business day of the month in which the application was received by Small Business
Administration. Thereafter, the interest rate wit be adjusted on a monthly basis.
Note: The percentage over the Wall Street Journal Prime Rate as set forth above for each
option is valid for 45 days from the date hereof. If the loan does not close within such 45
day period, Wells Fargo SBA Lending reserves the right to adjust such percentage.
Repayment: Principal and interest shall be amortized over 112 months after an month interest only
period. If the loan were to close today, the monthly payments would be approximately
$6,854. 08.
The SBA requires that the Bank must adjust the payment amount monthly or at least
annually to amortize principal over the remaining term of the loan,
The SBA also requires that the Bank apply each installment payment first to pay interest
accrued to the day the Bank receives the payment, then to bring principal current, then to
pay any late fees, and will apply any remaining balance to reduce principal.
Maturity Date: 10 years from the date of the loan documents.
SBA Fee: $13,200.75
JoblD : 1763374723 Page 1
Project Cost Analysis
And Monitoring
Fees: $5,050 based off of preliminary costs provided to Bank.
Other Fees:
Sources
and Uses:
Borrower to pay all Bank's out of pocket expenses associated with the Construction Loan,
including but not limited to review of environmental and appraisal reports, legal fees,
construction monitoring fees, title insurance, escrow charges, recording fees, flood search
fees, public record searches, collateral recording fees, etc. The Bank will require funds from
the Borrower before incurring any costs.
Bank's legal fees are estimated at this time to not exceed $5,000. However, there are
variables beyond Bank's control which may cause this estimate to be exceeded. Bank will
endeavor to notify Borrower if it has reason to believe that this estimate will be exceeded,
provided; however, that Borrower shall in all instances be responsible for payment of all
legal fees incurred by Bank in connection with this transaction.
The estimated sources and uses of the funds used for the Project would be as follows:
SOURCES AND USES OF FUNDS:
7A
Borrower
Total Project Cost
Leasehold Improvements
$ 223,054
$ 34,044
$
257,098
Interim Interest
$ 16,000
$ -
$
16,000
Contingency
$ 25,700
$ -
$
25,700
Equipment
$ 128,620
$ 124,000
$
252,620
Inventory
$ 56,831
$ 4,169
$
61,000
Working Capital
$ 112,313
$ 86,687
$
199,000
Construction Fees
$ 4,450
$ 600
$
5,050
SBA Guarantee Fee
$ 13,201
$ -
$
13,201
Other Fees & Costs*
$ 6,531
$ 4,400
$
10,931
$ -
$ -
$
Total
$ 586,700
$ 253,900
$
840,600
Percentage
69.80%
30.20%
100.00%
*These figures are estimates and final costs could be higher than what Is displayed in the
table above. If final figures are higher, the additional costs will be borne by the borrower.
Borrower
Injection: Based on the amount of the Loans and the estimated total project costs, Borrower injection
is currently $253,900 plus any additional closing costs and fees. These funds must be
injected prior to loan closing by Wells Fargo SBA Lending. The source of the Borrower's
injection must be clearly identified and documented. Injection from borrowed funds are
subject to additional review and must be fully disclosed to avoid closing delays.
Collateral: • First security interesl in all Inventory, Chattel Paper, Accounts, Equipment, Fixtures,
and General Intangibles owned by Wynwood Brewing Company, LLC ("OC").
• Landlord's consent.
Continuing
Guarantees: Luis C. Brignoni - unlimited
Luis G. Brignoni - unlimited
Sandra L. Marenco — unlimited
JobtD:1763374723 Page 2
Automated Clearing
House (ACH)
Debit: Your payment of $6,854.08 will be transferred monthly from your Wells Fargo Business
Banking checking account # , unless you provide us with other
instructions.
Lease
Agreement: Borrower to provide an executed lease for the business facility for at least the term of the
loan including any renewals (120 months).
Landlord Waiver:
Borrower must provide an executed Landlord's Waiver Agreement for all premises where
business fixtures, equipment, and inventory are stored prior to loan closing. To avoid
delays in loan closing start thls process as soon as possible.
Flood
Insurance: If the collateral for this loan is or will be located in an area designated by the Director of the
Federal Emergency Management Agency as a Special Flood hazard area Zone, a Flood
Insurance Policy, in a form and substance satisfactory to the Bank, will be required prior to
disbursement of the loan and at Borrower's cost.
Insurance During
Construction: Borrower and contractor to provide General Liability Insurance policies each in a minimum
amount of $1,000,000.
Borrower or Contractor to provide Builder's Risk Coverage for the replacement cost of real
property (as completed).
Contractor to provide evidence of Workman's Compensation Insurance.
Insurance Upon
Completion of
Construction: Borrower to provide Bank Hazard Insurance Policy in the amount of the replacement cost
of the Collateral listed above with a Mortgagee, Loss Payable, and Lender's Loss Payable
Endorsement (438BFU/satisfactory to the Bank) prior to final disbursement of the loan.
Payment &
Performance
Bond: Bank must approve contractor based upon the information provided and detailed in a
forthcoming Exhibit. If the contractor is not satisfactory, Borrower may choose to use
another contractor or the Bank may require Borrower to furnish Bank with satisfactory
evidence that contractor has obtained a 100% Payment and Performance Bond flaming
Borrower and Bank as dual obligee. Bonds to be from a surety company licensed to
operate and possessing at least a B+ rating from "Best". Bonds to be written on Bank
standard forms and to be recorded at County Recorders Office.
Disbursements:
Loan will be disbursed in accordance with the SBA Authorization and Loan Agreement,
The SBA has restrictions on the use of loan proceeds. Please contact your Loan
Closing Officer to determine whether your expenditures before and after loan closing
will be eligible for reimbursement. Borrower may be required to provide copies of
invoices and/or cancelled checks prior to first and each following disbursement. The SBA
requires an executed Settlement Sheet at the time of first disbursement of loan
funds.
JoblD :1763374723 Page 3
Prior to disbursement of construction funds, borrower must have spent not less than the
amount indicated as Equity Injection in this letter. A construction disbursement control
company is to be engaged by Wells Fargo SBA Lending to monitor the construction
process. Loan proceeds will be funded by the bank to the disbursement company based on
the contractor's pay application which needs to be approved by the owner. A maximum of 1
disbursement per month will be allowed during the construction period. Additional
instructions on how to request disbursements will be provided at the time of loan closing.
Loan -proceeds used for equipment and/or inventory purchases wit be paid directly to the
vendors based on submitted invoices or to the borrower based on paid invoices.
Loan proceeds used for working capital purposes will be disbursed directly to the
borrower's business checking account based on submitted invoices or supporting
documentation as required. Working capital disbursements limited to (2.1 per month
acceptable upon loan closing. Please note the minimum draw is $5,000. $50,000 of the
working capital loan proceeds will not be available for disbursement until the Bank
has received a copy of the Federal Brewer's Permit for Wynwood Brewing Company,
LLC."
Retention: The Bank retains 10% of all disbursement requests for construction loans until the project
is complete.
Project
Completion: Completion is evidenced by the following:
• A substantial completion certificate that has been issued by the Architect.
• A final inspection has been performed by Bank or its agent, which reflects project
completion of 100%.
• A 'Permanent Certificate of Occupancy' has been issued and a copy has been
provided to the Bank.
• A "Notice of Completion" has been recorded within 10 days of project completion and a
copy has been provided to the Bank, where applicable.
Change Order: All change orders must be approved by Bank and its agent prior to commencement of their
construction.
Financial
Reporting: Annual business statements and tax returns.
Annual personal statements and tax returns.
Sharing of Financial
Information: Borrower's signature below authorizes Bank 10 share Borrower's financial information,
condition, and performance with other creditors, including the Small Business
Administration and its agents. In addition, Borrower is aware that the Bank shares
information about the Borrower with Bank affiliates. If the Borrower is an Individual the
Borrower may opt out of such Information sharing with Bank Affiliates and other outside
companies in accordance with the procedures set forth in the Wells Fargo Privacy Policy
for Business Individuals that will be provided to you with your closing documents. Should
you require a copy of this Privacy Policy before your loan closes, please make your request
in writing and you will be provided with a brochure that explains the policy and provides
directions for opting out of information sharing.
JoblD : 1753374723 Page 4
Power of Attorney
For UGC filings:
Borrower appoints Bank its true attorney in fact to (i) prepare, execute, file, record, or
deliver financing statements, continuation statements, termination statements, statements
of assignment, applications for registration, or like papers to perfect, preserve, or release
Bank's interests In the Collateral; (ii) cause any Collateral to be transferred to Bank's name
or the name of Bank's nominee; and (iii) do all things - and execute all documents in the
name of Borrower or otherwise as Bank deems necessary, proper, or convenient in order to
preserve, perfect, or enforce its rights in the Collateral.
No Material
Adverse Change:
This conditional approval is made in reliance on the continuation of the present
management, ownership and financial condition and status of the Borrower and
guarantor(s) and other facts and circumstances known by the Lender as of the date hereof.
Accordingly, should any actual or threatened adverse change, financial or otherwise, affect
the Borrower, any guarantor, or any collateral pledged as security, Lender shall have the
right to modify the terms of this conditional approval, or withdraw its conditional approval, in
which case it shall have no further obligation to Borrower to make any loan, or otherwise.
The determination of adverse change shall be made in the sole and absolute discretion of
Lender. Additionally, if Borrower or any guarantor is considered to be in default by Lender
or any of Lender's affiliates under any agreement or other obligation now or hereafter in
effect, Lender shall be under no obligation to extend any credit to Borrower.
Prior to commencement of any construction or any disbursement, Wells Fargo SBA
Lending must have received and approved the following items:
• Completion of all SBA requirements and SBA approval
• Signed and completed loan documents acceptable to the Bank
• Completion of all items on the Loan Closing Checklist to be provided by your Wells
Fargo Loan Closing Officer.
• Completion of all items on the Construction Loan Closing Checklist to be provided
by your Wells Fargo Construction Loan Officer.
• Evidence of all licenses/permits required by the State of Florida.
The funds provided by Bank for this transaction are not available to the Borrower at terms and rates equal
to those set forth herein without SBA's participation. With standard Bank loan products, Bank would not be
able to fund the entire project loan.
This credit accommodation is made available subject to the terms, conditions and provisions of
comprehensive loan documents to be executed by Borrower all inform and substance satisfactory to Wells
Fargo Bank. These documents must be executed within 2 months from date that this letter is signed and
accepted by the Borrower.
Bank reserves the right to terminate this commitment at any time prior to Bank's receipt of acceptance by
the Borrower. This commitment is personal to the Borrower and may not be transferred or assigned without
prior written consent of the Bank. Your acknowledgment of this letter and payment of $5,000 to Wells
Fargo Bank, N.A. (to be used towards the payment of the initial cost analysis review deposit and legal fees)
shall constitute acceptance of the foregoing terms and conditions. If the loan is not closed prior to 2 months
from the date of this letter, the deposit becomes non-refundable.
Unless accepted or terminated, this commitment will expire in 7 days.
JoblD :1763374723 Page 5
The bank reserves the right to "pre -close" your loan by signing documents up to three business
days prior to funding.
Changes to the borrower or any terms of this commitment must be approved in writing by the Bank
and may result in delays In closing and/or funding of your loan.
Sincerely,
cdeb--14-4. -2L-4 tdt-)
Sandra Hauth
Vice President
Accepted By:
Wynwood Brewing Company, LLC
Molly Jeatran
Construction Loan Officer
Name: Name:
Title: Title:
Date:
Guarantors Acknowledgment:
Luis G. Brignoni, Individual
Date:
Luis C. Brignoni, Individual
Name: Luis G. Brignoni Name: Luis C. Brignoni
Date: Date:
Sandra L Marenco, Individual
Name: Sandra L Marenco
Date:
JobID :1763374723 Page 6
If the terms of this offer are less favorable than your original request and you choose not to accept this offer, this letter
will serve to provide notices required by law. To obtain a written statement of the specific reason for the change in
terms, please contact Wells Fargo SBA Lending, 1455 W LAKE ST, MINNEAPOLIS, MN 55408 within 60 days from the
date of this letter. We will send you a written statement of reasons for the change within 30 days of receiving your
request for the statement
NOTICE: The Federal Equal Credit Opportunity Act prohibits creditors from discrimination against credit applicants on
the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to
enter in a binding contract); because all or part of the applicant's income derives from any public assistance program; or
because the applicant has in good faith exercised any rights under the Consumer Credit Protection Act. The federal
agency that administers compliance with this law concerning this credit is the Bureau of Consumer Financial Protection,
1700 G Street NW, Washington, DC 20006. Wells Fargo SBA Lending is a division of Wells Fargo Bank N.A.
Our credit decision was based in whole or in part on Information obtained in a report from the consumer reporting
agency listed below. Under -the Fair Credit Reporting Act, you have a right to know the Information contained in your
credit file at the consumer reporting agency. The reporting agency played no part in our decision and Is unable to
supply specific reasons why we have denied credit to you.
Experian
701 Experian Parkway
P.O. Box 2002
Allen, TX 75013
1.888-EXPERIAN (1-888-397-3742)
You have a rig ht to obtain, within 60 days, a free copy of your credit report from the named reporting agency and from
any other -credit reporting agency which maintains tiles on consumers on national basis. You also have the right under
California Civil Code Section 1785.16 to dispute the accuracy or completeness of any information in the credit report
furnished.
JobID : 1763374723 Page 7
Wynwood Brewing
Job Creation/Retention Information
Projected Employee & Salary Growth
47
N
y
O
6 20
W
15
Year 1 Year 2
Year 3
15 19
23
—Employees
Total Salary
$224,123.20 $271,484.80
$355,165.60
$400,000.00
$350,000.00
$300,000.00
$250,000.00
$200,000.00
$150,000.00
$100,000.00
$50,000.00
$-
1st Year FT PT
Employees
Job Title** Hourly Rate Salary Yr.
1 President- Founder N/A N/A
1 VP -Co Founder N/A N/A
1 Brewmaster $ 16.83 $ 35,000.00
1 Asst. Brewmaster $ 11.54 $ 24,000.00
1 Marketing Coordinator $ 14.42 $ 30,000.00
4 BeerTender $ 4.77 $ 4,960.80 *Tipped employees
1 Taproom Manager $ 14.42 $ 30,000.00
4 Cellar Person $ 9.00 $ 18,720.00
1 Security Guard $ 10.00 $ 10,400.00
Total 10 5 $ 224,123.20 Total Salary YR 1
2nd Year FT PT Job Title
2 Cellar Person
2 BeerTender
Hourly Rate
$ 9.00 $
$ 4.77 $
Salary Yr.
18,720.00
4,960.80 *Tipped employees
Total 12 7 $ 271,484.80 Total Salary YR 2
3rd Year FT PT Job Title Hourly Rate Salary Yr.
2 Marketing Coordinator $ 14.42 $
1 Cellar Person $ 9.00 $
1 BeerTender $ 4.77 $
30,000.00
18,720.00
4,960.80 *Tipped employees
Total 15 8
Notes: ** Attached Job Descriptions in Tab 4
355,165.60 Total Salary YR 3
Wynwood Brewing
Job Creation/Retention Information
Within the first year Wynwood Brewing will create aproximately 37 new jobs.
Construction Jobs
Permanent Wynwood Brewing Jobs
Total Jobs Created in Year 1
22
15
37
Due to Wynwood Brewing's Business Construction, our Job contribution for the last 7 Months to the City
of Miami is as follows:
Title/ Job Count
Creative Services
Contractor + Assistants
Architect + Assistant
Engineers + Assistant
Mechanical Technicians
Concrete Workers
Gas Company Workers
Electrician + Assistants
Plumbing + Assistants
2
3
2
2
2
2
4
2
3
Total 22
The project will generate approximately 37 jobs within the first year in the combination of construction
and management of the development. This project will serve as an economic incubator impacting the
economic conditions of the surrounding areas and neighborhood.
mi Machinery &
Equipment
Pi Renovations &
Improvements
1 Working Capital
I5 Contingency
Fll Interim Interest
P, SBA Guarantee Fee
Other Fees & Costs
Inventory
Building- Renovations & Improvements
Leasehold Improvements
Construction Fees
Total Building- Renovations & Improvements Expeneses
Machinery & Equipment
Interim Interest
Contingency
Inventory
Working Capital
SBA Guarantee Fee
Other Fees & Costs
Wynwo .retying
Sources Uses of Funds
$600,000.00
$500,000.00
$400,000.00
$300, 000.00
$200,000.00
$100,000.00
$ -
SBA Loan Owner's Equity Anticipated
Government
Grant
SBA Loan Owner's Equity
$ 223,054.00
$ 4,450.00
$ 227,504.00
$ 128,620.00
$ 16,000.00
$ 25,700.00
$ 56,831.00
$ 112,313.00
$ 13,201.00
$ 6,531.00
$ 34,044.00
$ 600.00
$ 34,644.00
124,000.00
4,169.00
86,687.00
4,400.00
Grant Total Project Cost
$ 48,500.00
$ 48,500.00
$ 371,500.00
$
$
305,598.00
5,050.00
310,648.00
624,120.00
16,000.00
25,700.00
61,000.00
199,000.00
13,201.00
10,931.00
Total $ 586,700.00 $ 253,900.00 $ 420,000.00 $ 1,260,600.00
Percentage
47% 20%
33% 100%
Equipment
Wynwood Brewing
Government Grant Sources Uses
Cost
Kegs
2-30 BBL Tanks
Mobile Pump
Yeast Tank
Walk -In Cooler
Malt Mill & Handling EQ
Keg Filler
Growler Filler
Forklift
Bottling Line
Labling Machine
Barrels
POS System
Computers
3-Compartment Sink
CIP
Barrel Filler
Truck
Pallet Wraper
$ 125,000.00
$ 27, 500.00
$ 5,250.00
$ 5,000.00
$ 15,000.00
$ 13,000.00
$ 15,000.00
$ 2,500.00
$ 9,500.00
$ 55,000.00
$ 20,000.00
$ 15,000.00
$ 1,500.00
$ 4,500.00
$ 750.00
$ 10,000.00
$ 1,000.00
$ 34,000.00
$ 12,000.00
$ 371,500.00
Construction
TapRoom Buildout
Taps and Shanks
Malt Room
Drainage (Tap room and BathRoorr
Additional Window
Shutters
Cameras and Alarm System
Data and Telephone Lines
$ 20,000.00
$ 5,000.00
$ 2,500.00
$ 2,500.00
$ 3,500.00
$ 7,500.00
$ 5,500.00
$ 2,000.00
$ 48, 500.00
$ 420,000.00
Your brewpub. has been open a few years, you're making award -winning beers, you're a
centerpiece of the community, and you're even making a profit. Employees are happy, the
bank is happy, investors 'are happy, and you've managed to get your work week down to
a manageable 70 hours. Labor expenses are steady and manageable, food cost is at the
industry average, and beer cost is "around" 10.percent. That's good, right? Right?
:If you don't have a clear view of the cost of your beer, you may be pouring dollars down
the drain {literally). A well -established cost analysis will not only provide valuable data on the
real cost of selling your suds,. but may also identify areas of opportunity such as purchasing,
labor and compensation analysis, and reducing waste. Many different methods exist for
calculating beer cost, and in this article I'II describe the ones I find valuable, in addition to a
few l don't (and why).
1
•
.
. _
,":"?n rq- .F-z• '
GROSS SALES AND REVENUE
PER BARREL
Top line revenue is a number we're all quite
,,are of, and wecan usually gauge a suc-
cessful (profitable) month from a bad one
based on this number alone. This will vary
by establishment, but our brewpub's prices
are inclusive of state and local sales tax; so
a $5 pint is actuallya $4.62 pint with $0.38
of taxes tacked on. I bring this up because
1 prefer to look at beer costs against the
gross revenue collected before deducting
sales taxes —usually this will be a different
number than what you find on your income
statement, which has those sales taxes net-
ted out. Pre-tax analysis allows for a com-
parison of taxes as a percentage of the total
price paid by your customers versus all of
the other cost factors. No matter if you use
revenue before or after sales taxes are de-
ducted, it's important to be consistent in its
use throughout the entire analysis. If you are
a data -hound like me, you'll probably calcu-
late it both ways —just make sure you aren't
comparing pre-tax to post -tax figures.
Revenue per barrel is another revenue -
side metric that can provide quick insight
into trends in the brewpub and potential
losses/waste at the bar. It would be a rather
difficult and time. -consuming task to try to
axactly match your product mix report to
to tnonthly count of barrels sold, but if
you are selling at an .average price of $3.50/
pint, then you should be somewhere around
$800/barrel (assuming 8-10 percent for loss/
waste). If you sold 100 barrels but your beer
revenue for the month came in at $50,000,
then a) you're not really selling at an average
price of $3.50/pint; b) you didn't really sell
100 barrels; or, worst -case scenario c) some --
one is stealing your beer. At our brewery,
we normally fluctuate between $700 and
$800/barrel, but that number will typically
push closer to $900/barrel in the winter
-when we have bigger, higher -priced beers
available. Revenue per barrel is a. good num-
ber to track over a period of time so you can
start understanding seasonal trends and get
a grasp of the range into which you should
normally fall. When you get a period that
falls outside of the norm, it's a signal that
it's time for a closer look at what's going on.
RAW INGREDIENT COSTS
The first step in getting a handle on beer
costs is an accurate accounting of the raw
ingredients that go into the production of
your brewpub's suds. 'like to come up with
cost for each recipe we brew in addition
the aggregate cost for brewing operations
each month.
Recipe costing is simple and straightfor•
ward —multiply the quantity of each ingre•
client used times the price of each ingredi-
ent used and sum up the totals. Costing out
eachrecipe like this provides the opportuni-
ty to look at ingredient costs on a per -brand
basis. If your POS System provides a Prod-
uct Mix report, you'll be able to compare
the revenue taken in per brand versus the
cost to produce it. For example, you sold 5
barrels of Pale Ale and brought in $4,000 in
revenue. Your recipe costing comes out to
$50/barrel, thus your raw ingredient cost
for that brand is 6.25 percent ($50/barrel in
cost divided by $800/barrel in revenue).
'While the above calculation is handy, it
does have a few limitations. For example, a
small brewery or brewpub measuring out
ingredients using a rudimentary scale (or
even just "eyeballing it"), a few extra ounces
of hops, or a couple of pounds of grains for
each brew can add up over the course of a
month. Another major limitation of the per -
brand analysis is that your POS may not be
set up to capture every sale on a per --brand
basis. At our brewpub, for example, growler
fills are aggregated together and not segre-
gated by brand. This can throw your per -
brand analysis out of whack from the rev-
enue side (denominator of the equation) if
your growler fills (or any other sale that isn't
segregated by brand) don't follow the saute
product mix as your draught sales.
The most accurate method of calculating
your Raw Ingredient Costs is on the aggre-
gate level, considering the cost of all ingre-
dients versus -the total revenue taken in from
beer sales, as such:
(F135 + FIP8 + ILl - FBJ.- - FIPEl =
Aggregate Ingredient Costs
Beer Cost % =Aggregate Ingredient Costs
1 Revenue from Horse Beer Sales
Where:
FBE = Value of Finished Beer Inventory,
Beginning of Period
FIPn = Value of Beer Inventory Fermenia-
tion in Process, Beginning of Period
IU = Value of Beginning Raw Ingredient
Inventory + Purchased Raw Ingredi-
ents - Value of Ending Raw Ingredient
Inventory
FEE = Value of Finished Beer Inventory,
End of Period
FIP1. = Value of Beer Inventor, Fermenta-
tion in Process, Erin of Period
Note: While we usually use yeast for
many generations, for simplicity I typical-
ly assign the full cost of new yeast to the
month it was purchased.
To calculate the value of your beer in-
ventory apply the per -recipe cost method
above. The aggregate method will pick up
the cost of any ingredients that may be mis-
placed, lost due to inaccurate measurements,
or worse, disappearing out the back. door. If
you're staying up-to-date on your per -recipe
costs, the cost associated with any specialty
ingredients will be captured by the respec-
tive values of your beer inventory.
Ideally, your aggregate raw ingredient
costs should be close to your per -brand
costs. If you've calculated that all your
brands should be costing between 4-7 per-
cent, but your aggregate cost is 15 percent,
you've got problems (where did all those in-
gredients go? Where are all the sales?).
Industry -wide benchmarking of raw in-
gredient costs can be difficult because even
a $0.06/1b price break on grain or high ship-
ping costs due to your geographic location
can make a big difference. When you consid-
er a brewpub's propensity for using wacky
(and costly) ingredients, industry bench-
marks become even more of an apples -to -
pomegranates comparison. Then consider
the fact that a pint at a brewpub in New
York City brings in significantly different
revenue than a pint in Papillion, Neb.—fur-
ther skewing those industry averages. The
best approach to benchmarking is to com-
pare your aggregaate raw ingredient costs
back to a weighted -average of your recipe
costs. If your IPA. costs around $60/bbl to
make and is 75 percent of your volume, and
your Porter is the other 25 percent of sales
and costs $40/bbl to make, then your aggre-
gate beer costs should be relatively close to
$55/bbl.
TOTAL BEER COSTS
(MY FAVORITE VERSION)
As any hardworking brewer would tell you,
ingredients alone do not a good beer make,
There are a number of other cost factors to
consider in order to get an accurate mea-
sure of what your beer is costing you. My
preferred computation of Total Beer Costs
looks like this:
Total Beer Cost = Aggregate Ingredient
Costs + Labor Cost + Utilities + Excise
Taxes
Total Beer Cost % = Total Bcer Cost /Rev-
enue from House Beer Sales
On Labor Costs, if your brewer wears
many hats (as often they do), you will want
to segregate that time out from what you al-
locate to beer costs. If he or she is 75-per-
cent brewer, 25-percent front -of -house man-
ager, then only count 75 percent of labor
expense to the brewery.
Allocating utility costs can be tricky be-
cause brewpubs also have kitchens, restau-
rants, and bars drawing a lot of power in ad-
dition to the brewery. A one-time analysis of
the distribution of your power uses may be
helpful, but on an ongoing basis it is appro-
priate to use a static percentage in assign-
ing utility costs to your beer. Any month-to-
62 THE NEW BREWER JANLARY/FEBRUARY 2012
BRE WER 5 A 555C 1 ATION.0R0
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month variances are going to cost more to
figure out than the value they'll provide in
your analysis.
With any item in my analysis, I always
ask "would we be paying this if we were a
multi -tap without a brewery?" Excise taxes
are a perfect example. We only pay thetn
because we make beer, and they're an im-
portant cost factor to include.
DEPRECIATION AND SALES TAXES
Two important costs I leave out of my analy-
sis are depreciation and sales taxes. In the
case of the latter, sales taxes (if applicable
in your state) are something you're going
to have to pay regardless of if you're selling
your beer or someone else's, and thus are
not germanexo the cost of your beer.
Depreciation, in my opinion, has limited
usefulness as far as beer costing goes. Pro-
ponents of its use argue that it allows you
to benchmark against industry, averages for
serving guest beer, While this may be true,
it is incapable of giving your brewery credit
for the incremental value provided by the
simple fact that it's a brewery. Furthermore,
after you've fully depreciated your brewing
assets, it's not like your beer actually be-
came less costly to produce. If you have an
investor asking for an analysis that includes
depreciation to determine "if it is worth it
to be a brewpub" by comparing deprecia-
tB`e r.tothI W
14-ZOy ZGIZ
"American Craft Beer Week Is the creation
of the Brewers Association, which represents
small and Independent brewers:
But the industry does seem to have
cause for celebration."
-USA Today
nay 145, 2011
*There really Is something shockingly
patriotic to drink American owned beer.
It's really a community thing.*
4ox & Friends
iyasf ??, ?,Pia
his Is the best time of year
for local beer lovers;"
-Washington Post
Hay 17, 2011
tion-included costs to that of selling kegs
of mass-produced lager (for example), then
you may have some further explaining of
the nuances of a brewpub to do.
PACKAGED AND OUTSIDE
ACCOUNT SALES
If you are doing any kind of packaging or
sales to outside accounts, you'll want to
segregate this volume out and cost it sepa-
rately. Your costs as a percentage of sales
are going to be vastly different from these
revenue streams, and by co -mingling some
of them all you are really doing is making
your analysis worthless for evaluating any of
them. At our brewpub, we do a very limited
amount of packaging for sales on -premise,
but are very thorough in separating out
costs. We assign the per -brand cost of vol-
ume sold to our bottling operation, add all
packaging costs (including labor associated
to packaging), and apply it against revenues
from bottle sales. We knew our operation
of hand -bottling and releasing a couple hum
fired bottles at a time was cost -inefficient,
but we didn't realize how much so until I
performed a thorough analysis. Our bottle
sales have increased to the point where the
potential cost savings can justify the pur-
chase of a small bottling line.
PUTTING INFORMATION TO WORK
Having a slew of new information at your fin.
gertips doesn't mean anything if you aren't
using it right. At our brewpub, beer costs
(both raw ingredient and total beer costs)
are used in our bonus matrix and our tar-
gets need to be hit before bonuses are paid
out. As your .brewpub grows and you see
your bottom line in the black consistently,
it is easy for a small business to lose track of
costs and fall into the trap of 'we're mating
money, so everything must be good." The
business that loses sight of costs won't be in
the black for long. An effective beer costing
program can also do wonders for your top -
line revenue so far as it can provide pricing
guidance.
Craft beer drinkers are price sensitive
too —if your costs are extraordinarily low,
then perhaps you could afford to lower
your prices and generate additional revenue
through increased volume. No matter how
you use the information, the key is to be
consistent, track costs over time, and actu-
ally do something with it!
Scott Metzger Is founder and CEO at
Freetail Brewing Co. In San Antonio, Tex-
as. He Is a member of the Finance Com-
mittee of the Brewers Association and
an adjunct professor of economics at the
University of Texas at San Antonio.
64 THE NEW BREWER .IANUARY/FEBRUARY 2012
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THE NEW BREWER .JANUARY/FEBRUARY 2012 65
Sprung! fest taps heart of Miami's craft beer scene - Miami Craft Beer 1 Examiner.com Page 1 of 5
Examiner.com
Sprung! fest taps heart of Miami's craft beer
scene
BEER EVENTS I MARCH 13, 2013 BY: ALICIA BUSTAMANTE I
RELATED TOPICS
• Beer Events • craft beer
(http://www.examiner.com/(http://www.exa miner.comi
topic/beer-events) topic/craft-beer)
• Miami Events • beer
(http://www.examiner.com/(http://www.exeminer.com/
topic/miami-events) topic/beer)
• Miami
(http://www.examiner.com/
topic/mia mi)
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There's something very special in the air these
days in Miami (httn:/Iwww.examiner.com/topic/miami) ,
have you felt it? It's some kind of new feeling of
luck and anticipation, like we're at the start of
something big, something worth remembering.
Perhaps it's the Heat's otherworldly streak
jhttp://www.miamiherald.com/2013/03113/3282997/he
at-streak-now-19top-hawks-98.html) , the Purple
Line(http(purplelinemiami,blogspot.com/k's
appeal to civic engagement, or maybe a wayward
shipment of WMC
(http://wintermusicconference.comit -strength drugs
has hit the water supply. Whatever it is,
everywhere you look it seems another batch of
enthusiasts has risen to the occasion to redeem
our slightly grimy yet beloved city. This was no
more evident than at this year's first Sprung! beer
festival (http://www.igotsprunq.com) at Peacock
Park.
Over 100 kinds of beer
(http://www,examiner.com/topic/beer) were poured at
the outdoor event on March 9, which included a
portion from several locally brewed operations
currently in different stages of development. All,
however, were intent on showing the imagination,
dedication and drive involved in making a tasty
beer worth savoring.
Preparation, of course, is paramount. "It takes at
least a month in advance," said Luis Brignoni,
founder of Wynwood Brewing Company
(http://wvnwoodbrewinn.com) . "We want to make
sure our beers are top notch."
http://www.examiner. com/article/sprung-fest-taps-heart-of-miaini-s-craft-beer-scene
4/15/2013
Sprung! fest taps heart of Miami's craft beer scene - Miami Craft Beer Examiner.com Page 2 of 5
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Wine and beer share similar qualities like the
careful selection of ingredients and varied
combinations to out -flavor and create the best
representation of that beer compared to the
competition.
'We use some local ingredients and those will
show up in our seasonable beers," said
Brewmaster Naga Reshi of Wynwood Brewing
Company
fhttns://www.facebook.comlWynwoodBrewing) .
"We're going to incorporate some local fruits in the
future, local yeasts, some wild beers, some sours,
which no one has done very successfully yet in
Miami; we want to show them how it's done?
However, unlike wine, at times it's the farthest
reaching additions that set a beer from the rest.
The flavors ran the gamut from spicy and sweet, to
citrusy, a cream -soda -like concoction from Due
South Brewing
lhttps:llwww.facebook.comfDueSouthBrewing?
fref=tsl and a maple bacon creation brought by
Miami Beer and Wine Supply
fhttps:llwww.facebook.com/miamibeerandwine?
fref=ts) .
Inspiration, it seems, is boundless and according
to 4th Age Brewing
(https:llwww.facebook.com/FourthAgeBRewinq?
fref=tsj's Daniel Morales, comes from everyday
life. "[It comes from our) food, our culture, being
from Cuban descent, things we like," Morales said,
"Sometimes we'll see something on TV and be like
'that makes me want to do this.'
In addition to the local beer flavors, well-known
local band ArtOfficial
(httos:llwww.facebook.com/artofficialmusic?fref=tsl
laid down the funk with some jazzy solo lines
strewn about and some rhymes on top. While
usually a popular and engaging set, it seemed
their big city slickness couldn't get the outdoor
crowd going, which could be chalked up to the out-
http://www.examiner.com/article/sprung-Pest-taps-heart-of-miami-s-craft-beer-scene 4/15/2013
Sprung! fest taps heart of Miami's craft beer scene - Miami Craft Beer I Exaniiner.com Page 3 of 5
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of -the way placement of the stage, time that they
played and Tess -than -stellar live sound quality.
Members of B.R.E.W. FIU
ihttps:/lwww.facebook.com1BREWF!U?fref=tsl were
also on hand to conduct a beer and food pairing
workshop, a vital piece of information to anyone
whose first thought while reading this sentence
was, "is the answer, wings?" The popularity of this
too, waned in the later hours as the main activity
became rounding the bases, AKA waiting patiently
for an actually vacant port -a -potty (apparently in
the 4th hour, locks became optional).
Despite medium sized missteps, it seemed the first
Spru g! .(https:i/www,facebook.com/IgotSprung?
fret=ts) was a success among event -goers and the
people were satisfied with their ticket value, a clear
indication it's the right time to strike in Miami's craft
Jeer (http://www.examiner.com/topicicreft-beer]
market. But it's not just sales and numbers as
Reshi puts it.
"The most important thing is the local spirit; really
it's the heart and the touch and the love that goes
into the beer that makes it special. That's what we
got, we got love," he said.
There were many winning tastes at Sprung! here were a few favorites:
Most Wanted Brewing (https:f/www.facebook.com/MostWantedBrewery?fref=ts) , High Noon
This golden, hazy wheat ale takes its style from the popular German varietal, hefeweizen. Known for its
malty tones with banana and light ester flavors, this smooth, near velvety brew followed suit nicely. It's
always nice to taste a banana infused brew sans the almost mandatory clove bomb. This is the kind of
beer you'd want to drink watching the spring time sunset — from the palm of King Kong.
Wynwood Brewing Company, Pop's Porter
This dark woodsy brown porter ale with a medium/light body had a smooth, slight malt taste with a
roasty, but not burnt, quality and a slightly sweet aroma. While hop balanced, it had an overall malty feel
with a long coffee finish. It's a good representation of the style, accessible in its drinkability still with a
substantial taste. Pop would be proud.
http://www.examiner.com/article/sprung-fest-taps-heart-of-miami-s-craft-beer-scene 4/15/2013
Sprung! fest taps heart of Miami's craft beer scene - Miami Craft Beer I Examiner.coin Page 4 of 5
4th Age Brewing, Balrog Sneeze
Dark brown in color with a spicy aroma, this strong ale was reminiscent of your morning coffee but
stirred by a habanero biscotti; sweet, then eventually spicy. Probably not everyone's favorite but a very
interesting flavor combination, an evident and promising trend from 4th Age.
Fun fact: Never in fact verified if the beverage is named after the Street Fighter character or the Lord of
the Rings character, either way, don't tell me, although I have a feeling that final jalapeno whip crack on
my tongue gives me a hint. Fly you fools (http:Uwww.youtube.com/watch?v=66imrid9OUM) , and try this
beer.
Wynwood Brewing Company, Wynwood IPA
This amber brew had a lovely peach aroma, with a medium body and almost creamy mouth -feel. The
India pale ale offered a bready complement to the hops; balancing an equally refreshing and satisfying
quality.
If this tasted good, it's obvious why their double IPA, "Octopus on the Wall" was gone before you could
say "Holy calamari! We should have parked closer!" The Wynwood IPA is another great example of a
sessionable, crowd -pleasing beer that should do quite well when the brewery is slated to open full scale
in June.
Other fresh, spring time reminders included Most Wanted's Pink Posse, a light bodied hibiscus infused
blend with citrus notes; 4th Age's Oathbreaker, a beautiful rose colored blueberry hefeweizen; and 4th
Age's Lost City, a golden ale with lemongrass.
Want to be in the know for the next big Miami craft beer event? By all means, friends, subscribe.
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by Taboola
http://www.examiner.corn/article/sprung-fest-taps-heart-of miami-s-craft-beer-scene 4/15/2013
Sprung! fest taps heart of M.iami's craft beer scene - Miami Craft Beer Examiner.com Page 5 of 5
Alicia Bustamante, Miami Craft Beer Examiner
Always a creative adventurer, Alicia Bustamante has made a life of "doing what she
likes, when she likes." So, you'll hear her play the violin often (she can teach you
through takelessons.com), read her (what she hopes humorous) musings on craft beers
and Miami food and wine events on Munch This!...
http://www.examiner.com/article/sprung-fest-taps-heart-of miami-s-craft-beer-scene 4/15/2013