The Downtown Revolving Loan Committee met on March 14, 2016 and agreed to conditionally approve a $110,000 loan to Singh Contracting.  Singh Contracting is requesting this loan to help purchase a building located at 313 N. Broadway.  The applicant met all conditions set by the committee.  Mr. Singh is investing a substantial down-payment and there will be a bank loan that is superior to the City's position.  The building is currently owned by BOBKATZ, Inc and the asking price was $550,000.  The county website appraised it at $628,000.  Mr. Singh will continue to run it as a restaurant until the current renter's lease expires in October.  The tenant will have the first chance to rent the space again.   If the current renters do not renew, Mr. Singh will run the restaurant and bar.  Mr. Singh plans on cleaning and updating the building as well as some remodeling. 

The Council may approve or disapprove the loan.  If Council does not approve the loan, the building purchase may be delayed.
 

The Revolving Loan Fund does not owe any money to the banks at this time.  The entire loan amount would come from City money in the downtown loan fund.

The Downtown Revolving Loan Fund Committee recommends that the City Council approve a $110,000 loan to Singh Contracting.