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Committee recommends $50,000 loan for renovations at 47 North Air Street
Summary
The Community Economic Development Committee voted to recommend that city council approve a $50,000, 3% five-year loan to finance renovations at 47 North Air Street; staff said the program was rebranded to grow the fund and that the applicant submitted required confidential documents.
The Community Economic Development Committee voted to recommend that city council approve a $50,000 loan at 3% interest over five years to finance renovations at 47 North Air Street.
Staff described the program as a rebranded revolving loan plan, now called the economic development loan program, intended "to grow the fund and provide to more business owners in town," and said the applicant had submitted reference checks, credit reports and revenue documentation that qualify him for the loan. The staff speaker noted most supporting documents are confidential and the packet included a property photo as public backup.
Applicant Mr. Oldling told the committee the work would update the building’s structure and apartments, noting the facade had been completed earlier and that recent work included a new roof. "We're updating all that," he said when asked what improvements the funds would support, and added the renovations primarily target apartment units to support rental income.
Platt Miller moved to recommend city council approval; Hullck seconded. A roll-call vote carried with four members voting yes (Platt Miller, Lancaster, Perkins, Hullck). The committee noted the item will appear before the city council on the 27th for final action.
The committee did not authorize disbursement at the meeting; staff said if council approves, staff would execute mortgage documents and distribute funds to the applicant as authorized.
