Consent 1.I.
Regular City Council Meeting
- Meeting Date:
- 11/28/2016
- TITLE
- Approval of Downtown Revolving Loan Fund Recommendation for Gainans Loan 2
- 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 to Filters and More (Todd Gainan). Loan #2 would be in the amount of $250,000.00. Loan #2 would be for the Galles business to update the inventory to bar code scanners, update shelving units so a larger facility is not needed and other updates. Chuck Gainan would be the guarantor on this loan.
ALTERNATIVES ANALYZED
If Council does not approve the loan, updates to the Galles business 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 this loan to Todd Gainan for the Galles business.