Consent 1.J.
Regular City Council Meeting
- Meeting Date:
- 11/28/2016
- TITLE
- Approval of Downtown Revolving Loan Fund Recommendation for Mike Mathew - Pub Station
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The Downtown Revolving Loan Committee met on October 18, 2016 and gave conditional approval of a loan to Mike Mathew of Pub Station. The loan would be for $38,750.00. This loan would be used to replace the roof and do some drainage repairs to the building. Guarantor of this loan would be Mike Mathew.
ALTERNATIVES ANALYZED
If Council does not approve the loan, further repairs of the roof and drainage system would be delayed.
FINANCIAL IMPACT
The Downtown Revolving Loan Fund has a FY 17 budget of $500,000 and almost $1.2 million cash that is available for lending.
RECOMMENDATION
The Downtown Revolving Loan Committee recommends Council approve the loan to Mike Mathew - Pub Station.