City of Racine - File #: 0441-18

• File #: 0441-18
• Version: A
• Name: (Res. 0160-18)
• Type: Communication
• Status: Passed
• File created: 4/27/2018
• In control: Redevelopment Authority of the City of Racine
• Final action: 5/15/2018
• Title: Subject: Resolution 18-11 recommending approval of a Community Development Block Grant (CDBG) Revolving Loan Fund small business loan for $90,900 for the purpose of equipment and working capital and the creation of at least 3 full time equivalent jobs for DPM Entertainment LLC, dba Kouzena220 at 220 Sixth Street. (Res. 0160-18) Recommendation of the Redevelopment Authority on 5-2-18: That the request of DPM Entertainment LLC dba Kouzena220 for use of Community Development Block Grant (CDBG) Small Business Development Revolving Loan Funds (SBD-RLF) be approved. Further that the Mayor, City Clerk, and Director of City Development be authorized to execute written agreements with DPM Entertainment LLC dba Kouzena220 for loan assistance not to exceed Ninety thousand nine hundred dollars ($90,900) for the purpose of creating at lest three [3] 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 re...
• Related files: Res.0160-18

Date	Ver.	Action By	Action	Result
5/15/2018	A	Common Council	Approved
5/2/2018	A	Redevelopment Authority of the City of Racine

Title

Subject: Resolution 18-11 recommending approval of a Community Development Block Grant (CDBG) Revolving Loan Fund small business loan for $90,900 for the purpose of equipment and working capital and the creation of at least 3 full time equivalent jobs for DPM Entertainment LLC, dba Kouzena220 at 220 Sixth Street. (Res. 0160-18)

Recommendation of the Redevelopment Authority on 5-2-18: That the request of DPM Entertainment LLC dba Kouzena220 for use of Community Development Block Grant (CDBG) Small Business Development Revolving Loan Funds (SBD-RLF) be approved.  Further that the Mayor, City Clerk, and Director of City Development be authorized to execute written agreements with DPM Entertainment LLC dba Kouzena220 for loan assistance not to exceed Ninety thousand nine hundred dollars ($90,900) for the purpose of creating at lest three [3] 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.