Consent 1.I.
Regular City Council Meeting
- Meeting Date:
- 07/14/2014
- TITLE
- Downtown Revolving Loan to the Pita Pit
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The Downtown Revolving Loan Committee met on June 6, 2014, and approved a loan to the Pita Pit.
Pita Pit is requesting a loan from the Downtown Revolving Loan Fund for the purpose of remodeling a space downtown, located at 2813 2nd Avenue North. Pita Pit will be opening a new eatery in that space.
Pita Pit is requesting a loan from the Downtown Revolving Loan Fund for the purpose of remodeling a space downtown, located at 2813 2nd Avenue North. Pita Pit will be opening a new eatery in that space.
ALTERNATIVES ANALYZED
Council may:
- Approve the loan; or
- Not Approve the loan.
FINANCIAL IMPACT
The loan will be amortized over 10 years with a five year balloon payment.
RECOMMENDATION
The Downtown Revolving Loan Committee recommends that council approve the loan to the Pita Pit for no more than $40,000.