Consent 1.D.
Regular City Council Meeting
- Meeting Date:
- 05/08/2017
- TITLE
- Approval of Downtown Revolving Loan Fund Recommendation for Matt Robertson
- PRESENTED BY:
- Andy Zoeller
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
Matt Robertson has requested a Downtown Revolving Loan for $65,469.80 to cover the cost of remodeling at 117 North Broadway. The Downtown Revolving Loan committee met on Friday, April 7, 2017 and tentatively approved the loan. Mr. Robertson provided paid invoices showing the amount of money spent on the remodel. He is asking for the loan to repay what he used of his personal capital. The City would be taking a second lien after Stockman Bank on this and Matt Robertson is signing a personal guarantee.
ALTERNATIVES ANALYZED
City Council may:
- Approve, or;
- Disapprove the loan request.
FINANCIAL IMPACT
The Downtown Revolving Loan fund currently has $720,000 in cash so issuing this loan will not jeopardize the Fund
RECOMMENDATION
The Downtown Revolving Loan committee recommends the City Council approve this loan of $65,469.80 to Matt Robertson.