Laserfiche WebLink
Councilmember introduced the following resolution and moved for its adoption: <br />RESOLUTION #21-026 <br />RESOLUTION APPROVING LOAN AND MODIFICATION TO WAC PROGRAM FOR <br />PLEASANT VALLEY SUNRISE GROUP LLC DBA AURELIO'S PIZZA <br />WHEREAS, the City of Ramsey, created a WAC Loan Program for restaurants on July <br />24, 2018 that sunsets on July 31, 2021; and <br />WHEREAS, Pleasant Valley Sunrise Group LLC dba Aurelio's Pizza ("Aurelio's") <br />submitted an application requesting a, 0% interest, forgivable loan for 70% of the $23,100 in SAC <br />and WAC Charges due for the proposed restaurant expansion totaling $16,170; and <br />WHEREAS, an amendment to the existing WAC Loan Program to allow for SAC and <br />WAC Charges and the expansion to existing restaurants to be eligible would be need to be adopted <br />to allow for approval of the loan requested by Aurelio's; and <br />WHEREAS, the EDA met on January 14, 2021 and recommended that City Council <br />approve a 70%, 0% interest, forgivable loan for Aurelio's and to amend the WAC Loan Program <br />to permit SAC Charges and expansions to existing full service restaurants; and <br />WHEREAS, Pleasant Valley Sunrise Group LLC is Active / in Good Standing with office <br />of the Minnesota Secretary of State as of 2/2/2021 <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br />COUNTY, STATE OF MINNESOTA, as follows: <br />1) That the City Council approves and amendment to the Restaurant Subsidy Program to <br />allow for both SAC and WAC charges to be eligible for loan and to allow for expansion <br />to existing restaurants to be permitted. <br />2) That the City Council approves a $16,170 loan to Pleasant Valley Sunrise Group LLC <br />dba Aurelio's Pizza; subject to satisfactory underwriting. <br />3) The City Council authorizes the execution of required loan documents by the Mayor <br />and City Administrator. <br />4) The $16,170 loan is to be funded from the EDA Cash balance. <br />That the motion for the adoption of the foregoing resolution was duly seconded by <br />and upon vote being taken thereon, the following voted in favor: <br />and the following voted against the same: <br />