The Downtown Revolving Loan Committee met on May 31, 2012, and gave conditional approval of a loan to Sharli Kiner of the Limber Tree Yoga Studio, LLC.  The applicant met all conditions set by the committee except the 20% equity requirement.  A vote was taken and the loan was approved not to exceed $16,000. 

Ms. Kiner will be renovating the building located at 212 N 29th Street (formerly Downtown Subs) for use as a yoga studio and retail space.  Ms. Kiner has secured a three year lease with a three year renewal option for the property.  The cost of the renovation and start up costs is estimated at $96,000, with the Downtown Revolving Loan Fund financing $16,000.  It was discussed that Ms. Kiner has no personal investment, but given the amount of the potential loan, an exception was granted by the committee.  Ms. Kiner has also agreed to offer a personal guarantee for the loan.  The Downtown Revolving Loan Fund would be second to the First Interstate Bank loan financing the remainder of the costs.  The loan will have a seven year term and amortization.

If Council does not approve the loan, completion of the project may be difficult and the storefront could remain vacant.

The loan fund will have a balance of $505,000 of loans payable to the banks after this loan and the pending loans of $600,000 previously approved.

The Downtown Revolving Loan Fund Committee recommends Council approve the loan to the Limber Tree Yoga Studio, LLC.