Consent 1.K.
Regular City Council Meeting
- Meeting Date:
- 10/10/2017
- TITLE
- Approval of Downtown Revolving Loan Fund Recommendation for Sharli Kiner of Limber Tree Yoga
- PRESENTED BY:
- Andy Zoeller
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
Sharli Kiner of Limber Tree Yoga has requested a Downtown Revolving Loan for $35,000.00 to pay off personal credit cards that she has used to finance business costs for her Yoga studio. The Downtown Revolving Loan committee met on Thursday, September 7th and tentatively approved the loan. Ms. Kiner has an existing loan with this program and is current on her payments. She is signing a personal guarantee for the loan.
ALTERNATIVES ANALYZED
City Council may:
- Approve the revolving loan, or;
- Disapprove the loan.
FINANCIAL IMPACT
The Downtown Revolving Loan fund currently has a balance of approximately $885,000 in cash so issuing this loan will not jeopardize the Fund.
RECOMMENDATION
The Downtown Revolving Loan committee recommends that the City Council approve this loan for $35,000.00 to Sharli Kiner of Limber Tree Yoga.