Bubba’s owner wonders if buyout will materialize

Among the commercial property owners in Hannibal expressing interest in participating in a flood buyout program is Larry Markley, owner of Bubba’s Restaurant. Markley’s business, which was closed twice in 2008 because of high water, has yet to reopen following this summer’s near-record flood crest.
One of Markley’s biggest concerns is the pace at which the buyout program is progressing.
“I’m not for sure that we’re acting as expeditiously as we should. Everybody is after this money. Especially with the current developments with the government buyouts, I’m not so sure that they’re not going to say, ‘Hey, we just don’t have the money to continue these programs.’ I think the longer we wait the opportunity may be going by,” he said. “The local level has to apply and request the funds ... the local people. SEMA told us that. FEMA told us that. The local people have to set up these programs. And if they’re sitting on their butts and not doing anything then nothing is going to get done, and nothing ever will be done.”
With the flood now a memory, Markley understands that the urgency to help those hurt by the flood is waning.
“I think it’s like anything else, out of sight and out of mind. The flood is gone. Nobody is thinking about the flood. I think this isn’t a top priority right now,” he said.
Not knowing how the buyout program will pan out has Markley in limbo about his plans for the restaurant.
“Why would I want to put all that time, and effort, and money into repairing the restaurant and getting it ready to go? That’s my dilemma right now,” he said.
Markley is not sure what value appraisers will put on his business.
“I don’t know whether to be optimistic about getting a fair price for the building or be pessimistic,” he said. “It’s privately-owned land on the riverfront. That’s a lot of value. And it’s increasing in value because of the theater. The location is great.”
Aside from the buyout option, there is little government assistance available commercial property owners, according to Markley.
“The SBA (Small Business Administration) is absolutely no help. That’s a joke. They’ll loan you money. But a loan’s a loan, even if it’s zero percent,” he said. “I had 13 employees and we put 13 employees out of work. The government says, ‘Well there may be something to help people’s homes.’ Well let me tell you, I may have some employees losing homes because they don’t have jobs. That’s kind of upsetting to me.”
If a buyout doesn’t materialize for Markley, he may attempt to reopen the restaurant next year.
“Given the present circumstances a buyout and relocation for me would probably be the best thing. However, I’m not that optimistic about it. I’m gonna have to address that and probably consider reopening next spring, unless we have some developments that will let me go somewhere else,” he said. “I’m not willing to put $100,000 into Bubba’s to get that restaurant back going. I certainly don’t have the funds available to hire that work done, so I’m going to have to do it on my own.”