Consent 1.J.
Regular City Council Meeting
- Meeting Date:
- 09/14/2015
- TITLE
- Approval of Downtown Revolving Loan Fund Recommendation for the Art House Cinema & Pub
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The Downtown Revolving Loan Committee met on August 21, 2015, and gave conditional approval of a loan to Matt Blakeslee of Art House Cinema & Pub. Mr. Blakeslee is requesting this loan to pay off existing personal debt acquired for opening the business. The revolving loan would be in the name of the business and at a lower interest rate than the personal debt. The applicant met all conditions set by the committee. A vote was taken and the loan was approved for $30,000. Both Mr. and Mrs. Blakeslee have agreed to offer personal guarantees for the loan. The loan will have a five year term and amortization.
ALTERNATIVES ANALYZED
If Council does not approve the loan, further renovation and expansion of the business would be delayed.
FINANCIAL IMPACT
The revolving loan fund does not owe any money to the banks at this time.
RECOMMENDATION
The Downtown Revolving Loan Fund Committee recommends Council approve the loan to the Art House Cinema & Pub.