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<br />Case # 1 <br /> <br />Consider Utilization of Revolving Loan Fund in Sunfish Express Expansion and Remodel <br /> <br />By: Sean Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />Sunfish Express was established in 2002 and is owned by Frank Yamoutpour. The owner has <br />completed an application to utilize the revolving Loan fund for $191,132. The specifics of the <br />improvements and details ofthe proposed expansion will be provided at the April Meeting. It <br />should be noted that this is a retail project and current Revolving Loan Fund guidelines do not <br />allow for this type of loan. The applicant has been notified of this but has decided to proceed <br />anyway in hopes that the EDA would consider his project. Mike Mulrooney will review the <br />financial information at the meeting to keep the information confidential. The Staff <br />recommendation is not to proceed with this loan due to the current Revolving Loan Fund <br />Guidelines that excludes retail. <br /> <br />Funding Source: <br /> <br />EDA Revolving Loan Fund <br /> <br />Recommendation: <br /> <br />Staff recommends to denial of the Loan request due to its retail nature. <br /> <br />EDA Action: <br /> <br />Due to the nature of the business and the type of project, action required by the EDA at this time <br />is to determine eligibility of the loan request. If the EDA determines that the request is eligible <br />the EDA should identify the potential level of participation subject to a complete satisfactory <br />credit analysis by staff/consultant. <br /> <br />Enclosures <br />Revolving Loan Application <br />Revolving Loan Guidelines <br /> <br />EDA: 4.10.08 <br /> <br />9 <br />