- Meeting Date:
- 11/13/2012
- Submitted For:
- Patrick Brama
- By:
- Kathy Schmitz, Administrative Services
Information
Title:
Background:
Attached to this case is the Koru's business plan, credit review of the applicant, company resume and proposed loan agreement.
The City's Economic Development Consultant, Mike Mulrooney, has worked directly with the applicant through this process and will be present to review this case.
The purpose of this case is to consider approval of the Revolving Loan Fund (RLF) application from Koru Fitness, Inc.
Notification:
Observations:
Koru Fitness, Inc. is a start-up workout facility to be open in the fall of 2012. The primary focus of Koru Fitness, Inc. is to bring " Entertainment" to the Anoka, Ramsey, Andover and surrounding areas by providing world-class fitness classes that are safe, fun and effective. Partnering with Les Mills™ International (LMI), Koru Fitness, Inc. will offer six pre choreographed group exercise formats which are marketed to mostly women ages 25-45.
Additional information and background on this company is provided in the attached business plan and resume.
RLF Program Objective:
The objective of the City's RLF program is to fill the financing gap between project costs and private debt financing/private equity by making direct low interest rate loans for certain approved activities to businesses within the Ramsey City limits. Attached to this case is the RLF program policy. This application fits within the RLF guidelines.
Recommendation:
The EDA reviewed this loan application at the October EDA meeting; and passed a motion to recommend approval of Koru's Loan request.
Funding Source:
Council Action:
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 11/08/2012 03:16 PM |
- Form Started By:
- Kathy Schmitz
- Started On:
- 11/08/2012 11:20 AM
- Final Approval Date:
- 11/08/2012