Sponsor
Alderman Larrin
Title
Littleport Brewing Company, LLC
WHEREAS, the Redevelopment Authority of the City of Racine (the Authority) recognizes that the cultivation and support of small business is an essential component to the redevelopment and growth of the City of Racine (the City) and the nation; and
WHEREAS, The City of Racine Common Council approved Resolution 15-00626 granting the Authority’s request to establish a Community Development Block Grant (CDBG) Small Business Development Revolving Loan Fund; and
WHEREAS, The City of Racine Common Council approved Resolution 15-00855 granting the Authority’s request to approve the Community Development Block Grant (CDBG) Small Business Development Revolving Loan Fund policies and procedures; and
WHEREAS, The Wisconsin Women’s Business Initiative Corporation (WWBIC) is a Small Business Development Organization that has a loan review committee consisting of professional business lenders; and
WHEREAS, WWBIC has reviewed the request of Littleport Brewing Company, LLC for loans not to exceed $174,980.00 for the purchase of equipment, working capital, and to include underwriting fees and closing costs, and WWBIC recommends that the Authority approve the request; and
THEREFORE BE IT RESOLVED, that the Redevelopment Authority of the City of Racine, recommends to the Common Council that the Mayor, City Clerk, and Director of City Development be authorized to execute written agreements with Littleport Brewing Company, LLC for loan assistance not to exceed $174,980.00 for the purpose of creation at least five full-time equivalent jobs in the City of Racine, 51% of which to be held by members of low/moderate income households, and consistent with federal regulations for CDBG funds and City of Racine SBD-RLF guidelines.
Fiscal Note: The Community Development Committee and Common Council allocated CDBG funds for the purposes of assisting businesses through the 2017 Annual Plan. There are sufficient funds available.