Consent 1.L.
Regular City Council Meeting
- Meeting Date:
- 01/09/2017
- TITLE
- Judith P. Gregory dba Last Chance Pub Downtown Revolving Loan request
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The Downtown Revolving Loan Committee held a meeting on Wednesday, December 14th and gave conditional approval of a loan for $125,000. to Judith P. Gregory of Red Lodge. She has leased the building east of the old Antique Depot Building on Montana Avenue and N. 23rd Street. She is remodeling and getting things ready to open the Last Chance Pub. She currently is the owner of the Red Lodge Ales tap room in Red Lodge. She will give her personal guarantee for this loan.
ALTERNATIVES ANALYZED
If Council does not approve the loan, renovations and opening of the Pub will be delayed to money constraints.
FINANCIAL IMPACT
The Downtown Revolving Loan fund FY 2017 budget is $1,000,000 and there is enough cash in the fund to cover additional loans. Before this loan is considered, the cash balance of the fund is $838,000.
RECOMMENDATION
The Downtown Revolving loan committee recommends that the City Council approve the $125,000 loan to Judith P. Gregory.