Consent 1.J.
Regular City Council Meeting
- Meeting Date:
- 07/14/2014
- TITLE
- Downtown Revolving Loan to Tracy Lofts Development Venture, LLP
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The Downtown Revolving Loan Committee met on June 6, 2014, and recommended a one year, $150,000 loan to Tracy Lofts Development Venture, LLP.
Tracy Lofts Development Venture, LLP is requesting a loan from the Downtown Revolving Loan Fund for the purpose of repaying a FIB loan used for constructing loft apartments in the Tracy Building, located at 2600 Montana Avenue. Tracy Lofts Development Venture, LLP purchased the building and is remodeling the former warehouse. Most of the apartments have been rented. The short-term loan will allow the owners time to determine a permanent loan source or apply for other assistance.
Tracy Lofts Development Venture, LLP is requesting a loan from the Downtown Revolving Loan Fund for the purpose of repaying a FIB loan used for constructing loft apartments in the Tracy Building, located at 2600 Montana Avenue. Tracy Lofts Development Venture, LLP purchased the building and is remodeling the former warehouse. Most of the apartments have been rented. The short-term loan will allow the owners time to determine a permanent loan source or apply for other assistance.
ALTERNATIVES ANALYZED
Council may:
- Approve, or
- Not Approve the loan.
FINANCIAL IMPACT
The revolving loan fund has a large balance and can support this loan.
RECOMMENDATION
The Downtown Revolving Loan Committee recommends that thr City Council approve the one year loan to Tracy Lofts Development Venture, LLP for no more than $150,000.
APPROVED BY CITY ADMINISTRATOR
Attachments
No file(s) attached.