Following recommendations from staff, officials with the Pennyrile Area Development District Monday afternoon approved a $194,288.70 loan from its revolving funds to B3 Beverage Company, LLC, of Newtown Square, Pennsylvania.
The purpose, however, is because the company and its owner, Joseph Feerrar, have put in a letter of intent valued at $5.37 million to purchase all membership interests — including branding, equipment, inventory, Witty Lane real estate and all existing indebtedness — of Stillworks, LLC, better known in south western Kentucky as Casey Jones Distillery.
Per documents provided, PADD holds a co-first mortgage on a specific parcel of the Casey Jones Distillery property, and thus had to approve transfer to the buyer — and these funds will specifically be used to payoff the existing mortgage, and restart the note.
Proposed collateral includes the first lien on equipment financed, as well as personal guarantees.
Formed in February 2025 to serve as an acquisition holding company for breweries and distilleries, B3 Beverage Company, LLC, is 100% owned by Triple B Ventures, LLC, and Feerrar, who also is the CEO of Bald Birds Brewing Company, Four Birds Distilling Company and some other entities.
According to a release, Feerrar launched an entrepreneurial journey in 2018 by opening his first Bald Birds brewery, stepping from 20-plus years in financial services.
This loan is on a 10-year term at 4% interest, and PADD Community Development Specialist Brian Jones offered more loan details.
In other PADD news:
+ PADD Executive Director Jason Vincent confirmed to the body that the Kentucky Area Development District’s 2026 legislative priorities, as a collective, are:
1. A $5.5 million investment in the Joint Funding Agreement, while maintaining $250,000 in both Appalachian Regional Commission and Delta Regional Authority funding, in order to meet statewide project funding demands.
2. A $2.55 million annual investment to the Water Resource Information System, in order to meet Kentucky Infrastructure Authority contractual requirements.
3. And a $20 million annual investment to the Senior Nutrition Program, in order to support the current number of the needs of older citizens.
Vincent did confirm that, at present, it would cost the Kentucky General Assembly more than $38 million per year in order to fund projected senior home delivered meal demands, and the existing waiting lists across the Commonwealth.
