Laserfiche WebLink
<br />CASE # 2 <br /> <br />Town Center Economic Development (presentation) <br />By: Sean Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />Jay Scott and Patrick Hart from Solomon Company will be in attendance at the EDA meeting to <br />discuss restaurant options on the site they own in the Town Center. The discussion will <br />incorporate restaurant ideas as well as the need for some assistance on the proj ect. Our current <br />revolving loan fund (See Attached) wasn't set up to provide this type of assistance but it should <br />be looked at considering that the EDA has expanded it scope to commercial development. Also <br />attached are the minutes from the February 2005 meeting explaining the rationale on why the <br />Revolving Loan fund is structured the way it is. Solomon is not making a formal application to <br />utilize the revolving loan fund at this point but it seems logical to at least look at the possibilities <br />of using it for purposes other than industrial projects. <br /> <br />Observations: <br /> <br />The Scope of the EDA has changed and it would seem reasonable to look at what the Revolving <br />Loan Fund could be used for. Below are the past projects that utilized this fund and the balance <br />at this point. <br /> <br />Balance in fund as of2/23/07 is $155,763 <br /> <br />Sunfish Commons Loan <br />Panther Precision (small business grant) <br />Zero Zone (small business grant) <br /> <br />$75,000 <br />$100,000 (portion City retains) <br />$100,000 (portion City retains) <br /> <br />Sunfish Commons pays $12,805.32 per year with loan payoff of November 2009 <br />Panther pays $10,000 per year with loan payoff of October 2013 <br />Zero Zone grant is complete. <br /> <br />At the end of all payments (through 10/13 and not including yearly interest earrings of <br />approximately 3%) the fund would have a balance of $246,851.34. <br /> <br />Recommendation: <br /> <br />Based on Discussion <br /> <br />EDA Action: <br /> <br />None. <br /> <br />20 <br />