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Alternatives: <br />Loan Approval <br />1. City Council approval of a $16,170 SAC and WAC Loan to Pleasant Valley Sunrise Group LLC dba <br />Aurelio's Pizza (would also need to amend the Restaurant Subsidy Program, or request action to allow for <br />SAC and WAC to be eligible for the loan) <br />2. Something Else <br />Restaurant Subsidy Program Changes and or Extensions <br />1. City Council to amend the Restaurant Subsidy Program to allow for both SAC and WAC charges to be <br />eligible for loans and to Sunset on July 31, 2024 (3 year extension) <br />2. City Council to amend the current Restaurant Subsidy Program to Sunset on July 31, 2024 (3 year extension) <br />3. City Council to to amend the Restaurant Subsidy Program to allow for both SAC and WAC charges to be <br />eligible for loans and to allow for expansions to existing full service restaurants that result in additional SAC <br />and WAC Charges be permitted. <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 />The EDA recommends that the City Council amend the Restaurant Subsidy Program to allow for both SAC and <br />WAC charges to be eligible for loan and to allow for expansion to existing restaurants to be permitted. The Draft <br />policy is attached. <br />and; <br />The EDA recommends approval of 70%, 0% interest loan, forgivable loan for both the SAC and WAC Charges in <br />the amount of $16,170 for Pleasant Valley Sunrise Group LLC dba Aurelio's Pizza; subject to satisfactory <br />underwriting. <br />Action: <br />Motion to Adopt Resolution #21-026 approving modification to the Restaurant Subsidy Policy: WAC Program and <br />approving loan for Pleasant Valley Sunrise Group LLC dba Aurelio's Pizza; subject to City Attorney review and <br />satisfactory underwriting. <br />Attachments <br />ACTION Resolution #21-026 <br />Loan Application and Construction Plans <br />Draft WAC AND SAC Program REDLINE <br />ACTION - Draft WAC AND SAC Program CLEAN <br />Excerpt of 1.14.21 EDA Minutes <br />Form Review <br />Inbox Reviewed By Date <br />Sean Sullivan (Originator) Sean Sullivan 02/02/2021 03:38 PM <br />Tim Gladhill Tim Gladhill 02/03/2021 10:28 AM <br />Kurt Ulrich Kurt Ulrich 02/04/2021 01:56 PM <br />Form Started By: Sean Sullivan Started On: 01/08/2021 09:56 AM <br />