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Mount Rainier council approves $25,000 forgivable loan for Best Barbers LLC
Summary
The mayor and council approved up to $25,000 in forgivable loan funds from the city's Million Dollar Incentive Fund to Best Barbers LLC to finance equipment and a second-floor build-out at 3829 34th Street; FSC 1st presented the application and recommended approval.
Mount Rainier's mayor and city council on March 4 approved up to $25,000 in a forgivable loan from the city's Million Dollar Incentive Fund to Best Barbers LLC to support equipment purchases and build out a second floor at 3829 34th Street.
FSC 1st representatives presented the application and recommended approval after reviewing the business's recent financials. An FSC 1st representative summarized the program as offering a $25,000 forgivable loan for equipment purchases and said the grant is intended to attract and expand local businesses. The presenter recommended the loan be approved, noting Best Barbers's revenue growth after relocating to Mount Rainier.
David Addison, who with his wife Courtney owns Best Barbers LLC, told the council the move to the Mount Rainier location has spurred growth and that the owners plan to expand staff. "We're looking forward to building and expanding," Addison said, thanking the council for the support.
Council discussion focused on confirming the business address and the program's oversight. The city manager noted the council usually sees a project at a work session before a legislative vote, but members moved to amend the agenda so the council could vote that night. The mayor placed a motion on the floor to approve up to $25,000 from the Million Dollar Incentive Fund; Danielle moved, Jared seconded, and the motion was approved with no objections or recorded abstentions.
Officials described the loan as a forgivable loan tied to equipment purchases. Presenters said the loans are recorded on the city's books with typical timelines for forgiveness; the presenter described a five-year bookkeeping term and referenced a "nine-and-a-half percent" figure in the loan structure as discussed during the presentation. The council thanked FSC 1st for administering the program and congratulated the Addison family on the award.
Next steps: the mayor and council approved the award during the meeting; the presenters and the business will follow the city's administrative steps to finalize paperwork and disbursement.
