The Downtown Revolving Loan Committee held a meeting on July 20, 2018.   The committee conditionally approved and recommends a loan of $225,000 to RYM Properties LLC.  Matt Robertson presented financial information and this loan will be used for renovation and remodeling of the building at 2610 Montana Avenue.  If approved, the City of Billings will file a lien on the property and take a second position behind the mortgaging bank, Yellowstone Bank.  The three owners will also provide personal repayment guarantees.

City Council may:

• Approve, or;
• Disapprove

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

Currently the Downtown Revolving Loan fund (7230) has cash on hand of $615,000 and no other loans pending at this time.  The budget for fiscal 2019 for new loans is $400,000.

The Downtown Revolving Loan committee recommends that the City Council approve the $225,000.00 loan to RYM Properties LLC.