Consent 1.F.
Regular City Council Meeting
- Meeting Date:
- 01/11/2016
- TITLE
- Approval of Downtown Revolving Loan Fund Recommendation for Billings Petroleum Club
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The Downtown Revolving Loan Committee met on December 15, 2015, and gave conditional approval of a $250,000 loan to the Billings Petroleum Club. The Billings Petroleum Club is requesting this loan to help pay for renovations of the existing space. The applicant met all conditions set by the committee. Mr. Mace, president of the Petroleum Club, agreed to a UCC filing for equipment for collateral for the loan.
ALTERNATIVES ANALYZED
The Council may approve or disapprove the loan. If Council does not approve the loan, further renovation and expansion of the business would be delayed.
FINANCIAL IMPACT
The revolving loan fund does not owe any money to the banks at this time, so the entire loan amount will come from City money in the loan fund.
RECOMMENDATION
The Downtown Revolving Loan Fund Committee recommends that the City Council approve the loan to the Billings Petroleum Club.