The Copper Plank restaurant should completely open before the end of the year in the newly restored historic Elks Lodge building in downtown Medford.

The Medford Urban Renewal Agency last month approved a $150,000 loan that lifted the project over the finish line.

Dale and Brandt Bernards, owner of the property at 202 North Central Avenue, have spent almost $1 million since 2018 to improve the building that sat empty since 2014, but ran into unexpected electrical issues, prompting an appeal to MURA for the final dollars.

The Copper Plank restaurant will be the anchor tenant in a project that has bumped into various issues to help resurrect the 1915 building.

Even though the restaurant hasn’t fully opened, Copper Plank has been partially opened for Tuesday trivia night and other special events.

Owners of The Copper Plank, Amy and Cory Maukonen, have moved their existing business at 454 Highland Dr., Medford, to the new location. The Maukonens raised money for the restoration, and as they neared completion, they ran into problems with the existing electrical system.

MURA board member Jessica Ayres said the zero-interest loan helps get a historic building ready for occupancy and helps with the city’s efforts to revitalize the downtown.

“I think this is a great deal,” she said. “I’m really proud of it. It’s the perfect economic deal.”

As part of the deal, the first $50,000 of the loan would be forgiven if the restaurant offers four events annually over the next five years. Some of the events at the site could include the Pear Blossom Parade.

The 10-year loan payoff will require a balloon payment at the end, Ayres said.

Ayres said most of the remaining work has already been done to the building, and there are only a few steps remaining to open the kitchen.

In the meantime, two food trucks are positioned outside the restaurant to offer meals during trivia night, an event Ayres said she personally enjoys.

Ayres said she would like to see more of these types of loans in the downtown, home to many historic buildings that need a little help because of their age.

“I believe that we all recognize this as a pilot program,” she said, noting that the MURA board might be open to doing something similar in the future.

A majority of the work has been done to upgrade the electrical system, install heating and air conditioning units, plumbing and sewer lines.

A little shy of $1 million has been spent since 2018 to improve the property.

The $150,000 helped pay for final electrical work will provide the power for an HVAC system for the entire building.

A disability lift on the outside of the building required additional work to make sure it works properly.

One of the challenges was getting enough power for a commercial kitchen with a pizza oven.

Ayres said the kitchen is pretty much completed and awaiting final inspections.

Besides Copper Plank, the Elks building will also house Fusion Dance. Both business will occupy 25% of the building, leaving room for more businesses down the road.

Renowned local architect Frank C. Clark designed the Elks Lodge in the Beaux Arts style. Clark designed many buildings and residences in Medford such as the renovated Sparta Building at the corner of Main Street and Riverside Avenue.

Many historic building require seismic upgrades, elevators or disability lifts. MURA already provides money to help with seismic retrofitting or fire sprinklers.