The Downtown Revolving Loan Committee held a meeting on Wednesday, Jan. 3 and gave conditional approval of a loan for $250,000 for the The 124 Group LLC.  Greg McDonald was at the meeting as the representative for The 124 Group LLC and stated that renovation and remodeling of the old Wendy's building located at 124 N. 29th Street has commenced.  If approved, The City of Billings will file a lien on the property and take a second position behind Western Security Bank.

City Council may:

• Approve, or;
• Disapprove

If Council does not approve the loan, other financing at higher rates will be considered.

Currently the Downtown Revolving Loan fund has cash on hand of almost $900,000 and only 2 loans pending at this time.  If both loans are approved the balance will be over $450,000.

The Downtown Revolving loan committee recommends that the City Council approve the $250,000 Revolving Loan Fund loan to The 124 Group LLC