Consent 1.H.
Regular City Council Meeting
- Meeting Date:
- 11/28/2016
- TITLE
- Approval of Downtown Revolving Loan Fund Recommendation for Gainans Loan 1
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The Downtown Revolving Loan Committee met on October 18, 2016 and gave conditional approval of a loan for $ 115,000.00 to Todd Gainan. This first loan would be used to renovate and repair the Galles Building located at 2920 1st Avenue South. The building needs new gutters, a new roof and updated lighting. Chuck Gainan would be guarantor for this loan.
ALTERNATIVES ANALYZED
If Council does not approve the loan, renovation would be delayed.
FINANCIAL IMPACT
The Downtown Revolving Loan Fund has a FY 17 budget of $500,000 and almost $1.2 million cash that is available for lending.
RECOMMENDATION
The Downtown Revolving Loan Committee recommends Council approve the loan to Todd Gainan.