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Home My WebLink About03/06/2000 FINANCE COMMITTEE March 6, 2000 4:40 p.m. Council Chambers Members present: Chairperson Krizek, Jordan, Getty. Moved by Jordan, seconded by Getty that the Agenda, as proposed, be approved. Ayes: Three. Motion carried. Moved by Jordan, seconded by Getty that the Minutes of February 28, 2000, as proposed, be approved. Ayes: Three. Motion carried. Moved by Gronen, seconded by Jordan that an economic development loan in the amount of $25,000.00 for Old Warehouse Antiques L.L.C. be approved, subject to take effect no later than May or June 2000 in order to allow time for approval of the FY 2001 budget. Prior to vote on the above motion, the following comments were heard. The property is located at 200 Sycamore Street, and David Davidson is remodeling the property for purpose of renting space to antique dealers. Mr. Davidson has indicated that the total project cost is $265,000.00. Since the project is $25,000.00 or less it is not subject to the full review process by the Revolving Loan Committee. Staff feels the request meets the criteria for being in the downtown area and recommends approval of the $25,000.00 loan. The loan is at 75 percent of prime rate (6.5%) interest with a 15 year amortization, a 5 year balloon, with a personal guarantee and/or mortgage on the property. Councilperson Gronen stated that looking at the preliminary budget it looks like funds will be available, but he would like to wait until the budget is certified. Councilperson Gronen stated that the city doesn't know what fund we can draw on at this time. Councilperson Gronen commented that this is another example of someone bringing in a business and hiring people, and that it is just bad timing with the budget. City Planner Don Temeyer stated that we did similar loans for Advanced Management and Mama Nicks using revolving loan funds. Mr. Temeyer stated that there is money in the budget to make loans. Mr. Temeyer stated that there is a $600,000.00 cash balance, with $2 million in outstanding loans making monthly payments. Mr. Temeyer commented that the city has not had anyone default on the facade loans. Councilperson Jordan stated that if money is accounted for and it won't affect the budget, why delay action on this request. Councilperson Jordan stated that he will support loaning them the funds if the city has the money. Councilperson Gronen stated that he supports the project, but he does not feel comfortable approving the loan not knowing where the funds will come from. Councilperson Krizek stated that the Finance staff is swamped with budget work, and that we need to complete the budget and then get the paperwork done for the loan. With approval of the mover and seconder the above motion was withdrawn. Moved by Gronen, seconded by Jordan that an economic development loan in the amount of $25,000.00 for the Old Warehouse Antiques L.L.C. be approved, subject to the loan taking effect no later than May 1, 2000 or sooner if possible. Ayes: Three. Motion carried. The request of the Superintendent of Sanitation & Recycling to rebuild the front entrance at the Sanitation office was reviewed. The front entrance of the Sanitation office is in very poor condition. The east wall is rotted and is covered with plastic to keep the rain and snow out. The rest of the entrance is rotted all the way around the foundation. 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