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Loan Approval <br />1. The EDA could recommend to the City Council approval of a $16,170 SAC and WAC Loan to Pleasant <br />Valley Sunrise Group LLC dba Aurelio's Pizza (would also need to amend the Restaurant Subsidy Program, <br />or request action to allow for SAC and WAC to be eligible for the loan) <br />2. Something Else <br />Restaurant Subsidy Program Changes and or Extensions <br />1. The EDA could recommend to the City Council to amend the Restaurant Subsidy Program to allow for both <br />SAC and WAC charges to be eligible for loans and to Sunset on July 31, 2024 (3 year extension) <br />2. The EDA could recommend to the City Council to amend the current Restaurant Subsidy Program to Sunset <br />on July 31, 2024 (3 year extension) <br />3. The EDA could recommend to the City Council to to amend the Restaurant Subsidy Program to allow for <br />both SAC and WAC charges to be eligible for loans and allocate $50,000 for the program. <br />Funding Source: <br />Funding for financial assistance would come from the City's EDA Cash Balance. The EDA Cash Balance is <br />estimated to be $1.137M but the year has not been closed out by Finance. <br />Recommendation: <br />Staff recommends the EDA to recommend to the City Council to to amend the Restaurant Subsidy Program to allow <br />for both SAC and WAC charges to be eligible for loans and allocate $50,000 for the program. <br />and; <br />Staff recommends approval of 70%, 0% interest loan, forgivable loan for both the SAC and WAC Charges in the <br />amount of $16,170 for Pleasant Valley Sunrise Group LLC dba Aurelio's Pizza; subject to satisfactory underwriting. <br />Action: <br />Motion to recommend to the City Council to to amend the Restaurant Subsidy Program to allow for both SAC and <br />WAC charges to be eligible for loans and allocate $50,000 for the program. <br />and; <br />Motion to recommend to the City Council approval of 70%, 0% interest loan, forgivable loan for both the SAC and <br />WAC Charges in the amount of $16,170 for Pleasant Valley Sunrise Group, LLC dba Aurelio's Pizza; subject to <br />satisfactory underwriting. <br />Loan Application and Construction Plans <br />Restaurant Subsidy Program 7.24.18 <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Sean Sullivan (Originator) Sean Sullivan 01/06/2021 03:45 PM <br />Tim Gladhill Tim Gladhill 01/06/2021 04:24 PM <br />Form Started By: Sean Sullivan Started On: 01/04/2021 04:13 PM <br />Final Approval Date: 01/06/2021 <br />