The Downtown Revolving Loan Committee met on April 25, 2016 and agreed to conditionally approve a $230,000 loan to Kismet Fine Rugs (Jeff Neishabouri).  Kismet Fine Rugs is requesting this loan to remodel the building that Mr. Neishabouri purchased located at 112 N. 28th Street, previously where MSUB had been.  The applicant met all conditions set by the committee.  Mr. Neishabouri is planning on remodeling the entire building with 2 retail spaces on the first floor, Kismet Fine Rugs and an art gallery leased by another person.  The second floor would be remodeled into 3 apartments with approximately 1200 sq. ft containing 2 bedrooms and 2 baths each.  The City will have a first position lien on the building as collateral on the loan.

The Council may approve or disapprove the loan.  If Council does not approve the loan, the building remodeling may be postponed.

The Revolving Loan Fund does not owe any money to the banks at this time.  The entire loan amount would come from City money in the downtown loan fund.

The Downtown Revolving Loan Fund Committee recommends that the City Council approve a $230,000 loan for Kismet Fine Rugs.